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Commission Regulation (EC) No 1725/2003 (repealed)Show full title

Commission Regulation (EC) No 1725/2003 of 29 September 2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance) (repealed)

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  1. Introductory Text

  2. Article 1.The international accounting standards set out in the Annex are...

  3. Article 2.This Regulation shall enter into force on the third day...

  4. Signature

    1. ANNEX

      3. INTERNATIONAL ACCOUNTING STANDARD 1 Presentation of Financial Statements

        2. OBJECTIVE

        3. SCOPE

        4. PURPOSE OF FINANCIAL STATEMENTS

        5. COMPONENTS OF FINANCIAL STATEMENTS

        6. DEFINITIONS

        7. OVERALL CONSIDERATIONS

          1. Fair Presentation and Compliance with IFRSs

          2. Going Concern

          3. Accrual Basis of Accounting

          4. Consistency of Presentation

          5. Materiality and Aggregation

          6. Offsetting

          7. Comparative Information

        8. STRUCTURE AND CONTENT

          1. Introduction

          2. Identification of the Financial Statements

          3. Reporting Period

          4. Balance Sheet

            1. Current/Non-current Distinction

            2. Current Assets

            3. Current Liabilities

            4. Information to be Presented on the Face of the Balance...

            5. Information to be Presented either on the Face of the...

          5. Income Statement

            1. Profit or Loss for the Period

            2. Information to be Presented on the Face of the Income...

            3. Information to be Presented either on the Face of the...

          6. Statement of Changes in Equity

          7. Cash Flow Statement

          8. Notes

            1. Structure

            2. Disclosure of Accounting Policies

            3. Key Sources of Estimation Uncertainty

            4. Other Disclosures

        9. EFFECTIVE DATE

        10. WITHDRAWAL OF IAS 1 (REVISED 1997)

      4. APPENDIX Amendments to Other Pronouncements

      5. INTERNATIONAL ACCOUNTING STANDARD 2 Inventories

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. MEASUREMENT OF INVENTORIES

          2. Cost of Inventories

            2. Costs of Purchase

            3. Costs of Conversion

            4. Other Costs

            5. Cost of Inventories of a Service Provider

            6. Cost of Agricultural Produce Harvested from Biological Assets

            7. Techniques for the Measurement of Cost

          3. Cost Formulas

          4. Net Realisable Value

        6. RECOGNITION AS AN EXPENSE

        7. DISCLOSURE

        8. EFFECTIVE DATE

        9. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      6. APPENDIX Amendments to Other Pronouncements

      7. INTERNATIONAL ACCOUNTING STANDARD IAS 7 (REVISED 1992)

        1. Cash flow statements

          1. CONTENTS

          2. OBJECTIVE

          3. SCOPE

            1. 1. An enterprise should prepare a cash flow statement in accordance...

            2. 2. This Standard supersedes IAS 7, statement of changes in financial position,...

            3. 3. Users of an enterprise's financial statements are interested in how...

          4. BENEFITS OF CASH FLOW INFORMATION

            1. 4. A cash flow statement, when used in conjunction with the...

            2. 5. Historical cash flow information is often used as an indicator...

          5. DEFINITIONS

            1. 6. The following terms are used in this Standard with the...

            2. Cash and cash equivalents

              1. 7. Cash equivalents are held for the purpose of meeting short-term...

              2. 8. Bank borrowings are generally considered to be financing activities. However,...

              3. 9. Cash flows exclude movements between items that constitute cash or...

          6. PRESENTATION OF A CASH FLOW STATEMENT

            1. 10. The cash flow statement should report cash flows during the...

            2. 11. An enterprise presents its cash flows from operating, investing and...

            3. 12. A single transaction may include cash flows that are classified...

            4. Operating activities

              1. 13. The amount of cash flows arising from operating activities is...

              2. 14. Cash flows from operating activities are primarily derived from the...

              3. 15. An enterprise may hold securities and loans for dealing or...

            5. Investing activities

              1. 16. The separate disclosure of cash flows arising from investing activities...

            6. Financing activities

              1. 17. The separate disclosure of cash flows arising from financing activities...

          7. REPORTING CASH FLOWS FROM OPERATING ACTIVITIES

            1. 18. An enterprise should report cash flows from operating activities using...

            2. 19. Enterprises are encouraged to report cash flows from operating activities...

            3. 20. Under the indirect method, the net cash flow from operating...

          8. REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES

            1. 21. An enterprise should report separately major classes of gross cash...

          9. REPORTING CASH FLOWS ON A NET BASIS

            1. 22. Cash flows arising from the following operating, investing or financing...

            2. 23. Examples of cash receipts and payments referred to in paragraph 22(a)...

            3. 24. Cash flows arising from each of the following activities of...

          10. FOREIGN CURRENCY CASH FLOWS

            1. 25. Cash flows arising from transactions in a foreign currency should...

            2. 26. The cash flows of a foreign subsidiary should be translated...

            3. 27. Cash flows denominated in a foreign currency are reported in...

            4. 28. Unrealised gains and losses arising from changes in foreign currency...

          11. EXTRAORDINARY ITEMS

            1. 29. The cash flows associated with extraordinary items should be classified...

            2. 30. The cash flows associated with extraordinary items are disclosed separately...

          12. INTEREST AND DIVIDENDS

            1. 31. Cash flows from interest and dividends received and paid should...

            2. 32. The total amount of interest paid during a period is...

            3. 33. Interest paid and interest and dividends received are usually classified...

            4. 34. Dividends paid may be classified as a financing cash flow...

          13. TAXES ON INCOME

            1. 35. Cash flows arising from taxes on income should be separately...

            2. 36. Taxes on income arise on transactions that give rise to...

          14. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

            1. 37. When accounting for an investment in an associate or a...

            2. 38. An enterprise which reports its interest in a jointly controlled...

          15. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND OTHER BUSINESS UNITS

            1. 39. The aggregate cash flows arising from acquisitions and from disposals...

            2. 40. An enterprise should disclose, in aggregate, in respect of both...

            3. 41. The separate presentation of the cash flow effects of acquisitions...

            4. 42. The aggregate amount of the cash paid or received as...

          16. NON-CASH TRANSACTIONS

            1. 43. Investing and financing transactions that do not require the use...

            2. 44. Many investing and financing activities do not have a direct...

          17. COMPONENTS OF CASH AND CASH EQUIVALENTS

            1. 45. An enterprise should disclose the components of cash and cash...

            2. 46. In view of the variety of cash management practices and...

            3. 47. The effect of any change in the policy for determining...

          18. OTHER DISCLOSURES

            1. 48. An enterprise should disclose, together with a commentary by management,...

            2. 49. There are various circumstances in which cash and cash equivalent...

            3. 50. Additional information may be relevant to users in understanding the...

            4. 51. The separate disclosure of cash flows that represent increases in...

            5. 52. The disclosure of segmental cash flows enables users to obtain...

          19. EFFECTIVE DATE

            1. 53. This International Accounting Standard becomes operative for financial statements covering...

      8. INTERNATIONAL ACCOUNTING STANDARD 8 Accounting Policies, Changes in Accounting Estimates and Errors

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. ACCOUNTING POLICIES

          1. Selection and Application of Accounting Policies

          2. Consistency of Accounting Policies

          3. Changes in Accounting Policies

            2. Applying Changes in Accounting Policies

              2. Retrospective application

              3. Limitations on retrospective application

            3. Disclosure

        6. CHANGES IN ACCOUNTING ESTIMATES

          2. Disclosure

        7. Errors

          2. Limitations on Retrospective Restatement

          3. Disclosure of Prior Period Errors

        8. IMPRACTICABILITY IN RESPECT OF RETROSPECTIVE APPLICATION AND RETROSPECTIVE RESTATEMENT

        9. EFFECTIVE DATE

        10. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      9. APPENDIX Amendments to Other Pronouncements

      10. INTERNATIONAL ACCOUNTING STANDARD 10 Events after the Balance Sheet Date

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. RECOGNITION AND MEASUREMENT

          1. Adjusting Events after the Balance Sheet Date

          2. Non-adjusting Events after the Balance Sheet Date

          3. Dividends

        6. GOING CONCERN

        7. DISCLOSURE

          1. Date of Authorisation for Issue

          2. Updating Disclosure about Conditions at the Balance Sheet Date

          3. Non-adjusting Events after the Balance Sheet Date

        8. EFFECTIVE DATE

        9. WITHDRAWAL OF IAS 10 (REVISED 1999)

      11. APPENDIX Amendments to Other Pronouncements

      12. INTERNATIONAL ACCOUNTING STANDARD IAS 11 (REVISED 1993)

        1. Construction Contracts

          1. CONTENTS

          2. OBJECTIVE

          3. SCOPE

            1. 1. This Standard should be applied in accounting for construction contracts...

            2. 2. This Standard supersedes IAS 11, accounting for construction contracts, approved in...

          4. DEFINITIONS

            1. 3. The following terms are used in this Standard with the...

            2. 4. A construction contract may be negotiated for the construction of...

            3. 5. For the purposes of this Standard, construction contracts include:

            4. 6. Construction contracts are formulated in a number of ways which,...

          5. COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS

            1. 7. The requirements of this Standard are usually applied separately to...

            2. 8. When a contract covers a number of assets, the construction...

            3. 9. A group of contracts, whether with a single customer or...

            4. 10. A contract may provide for the construction of an additional...

          6. CONTRACT REVENUE

            1. 11. Contract revenue should comprise:

            2. 12. Contract revenue is measured at the fair value of the...

            3. 13. A variation is an instruction by the customer for a...

            4. 14. A claim is an amount that the contractor seeks to...

            5. 15. Incentive payments are additional amounts paid to the contractor if...

          7. CONTRACT COSTS

            1. 16. Contract costs should comprise:

            2. 17. Costs that relate directly to a specific contract include:

            3. 18. Costs that may be attributable to contract activity in general...

            4. 19. Costs that are specifically chargeable to the customer under the...

            5. 20. Costs that cannot be attributed to contract activity or cannot...

            6. 21. Contract costs include the costs attributable to a contract for...

          8. RECOGNITION OF CONTRACT REVENUE AND EXPENSES

            1. 22. When the outcome of a construction contract can be estimated...

            2. 23. In the case of a fixed price contract, the outcome...

            3. 24. In the case of a cost plus contract, the outcome...

            4. 25. The recognition of revenue and expenses by reference to the...

            5. 26. Under the percentage of completion method, contract revenue is recognised...

            6. 27. A contractor may have incurred contract costs that relate to...

            7. 28. The outcome of a construction contract can only be estimated...

            8. 29. An enterprise is generally able to make reliable estimates after...

            9. 30. The stage of completion of a contract may be determined...

            10. 31. When the stage of completion is determined by reference to...

            11. 32. When the outcome of a construction contract cannot be estimated...

            12. 33. During the early stages of a contract it is often...

            13. 34. Contract costs that are not probable of being recovered are...

            14. 35. When the uncertainties that prevented the outcome of the contract...

          9. RECOGNITION OF EXPECTED LOSSES

            1. 36. When it is probable that total contract costs will exceed...

            2. 37. The amount of such a loss is determined irrespective of:...

          10. CHANGES IN ESTIMATES

            1. 38. The percentage of completion method is applied on a cumulative...

          11. DISCLOSURE

            1. 39. An enterprise should disclose:

            2. 40. An enterprise should disclose each of the following for contracts...

            3. 41. Retentions are amounts of progress billings which are not paid...

            4. 42. An enterprise should present:

            5. 43. The gross amount due from customers for contract work is...

            6. 44. The gross amount due to customers for contract work is...

            7. 45. An enterprise discloses any contingent liabilities and contingent assets in...

          12. EFFECTIVE DATE

            1. 46. This International Accounting Standard becomes operative for financial statements covering...

      13. INTERNATIONAL ACCOUNTING STANDARD IAS 12 (REVISED 2000)

        1. Income taxes

          1. INTRODUCTION

            1. 1. The original IAS 12 required an enterprise to account for...

            2. 2. The original IAS 12 permitted an enterprise not to recognise deferred...

            3. 3. The original IAS 12 required that:

            4. 4. As an exception to the general requirement set out in...

            5. 5. The original IAS 12 required that taxes payable on undistributed profits...

            6. 6. The original IAS 12 did not refer explicitly to fair...

            7. 7. The original IAS 12 permitted, but did not require, an enterprise...

            8. 8. The tax consequences of recovering the carrying amount of certain...

            9. 9. The original IAS 12 did not state explicitly whether deferred tax...

            10. 10. The original IAS 12 did not specify whether an enterprise should...

            11. 11. The original IAS 12 stated that debit and credit balances...

            12. 12. The original IAS 12 required disclosure of an explanation of...

            13. 13. New disclosures required by IAS 12 (revised) include:

          2. CONTENTS

          3. OBJECTIVE

          4. SCOPE

            1. 1. This Standard should be applied in accounting for income taxes....

            2. 2. For the purposes of this Standard, income taxes include all...

            3. 3. (Deleted)

            4. 4. This Standard does not deal with the methods of accounting...

          5. DEFINITIONS

            1. 5. The following terms are used in this Standard with the...

            2. 6. Tax expense (tax income) comprises current tax expense (current tax...

            3. Tax base

              1. 7. The tax base of an asset is the amount that...

                1. Examples

                  1. 1. A machine cost 100. For tax purposes, depreciation of 30 has...

                  2. 2. Interest receivable has a carrying amount of 100. The related interest...

                  3. 3. Trade receivables have a carrying amount of 100. The related revenue...

                  4. 4. Dividends receivable from a subsidiary have a carrying amount of 100....

                  5. 5. A loan receivable has a carrying amount of 100. The...

              2. 8. The tax base of a liability is its carrying amount,...

                1. Examples

                  1. 1. Current liabilities include accrued expenses with a carrying amount of 100....

                  2. 2. Current liabilities include interest revenue received in advance, with a...

                  3. 3. Current liabilities include accrued expenses with a carrying amount of 100....

                  4. 4. Current liabilities include accrued fines and penalties with a carrying...

                  5. 5. A loan payable has a carrying amount of 100. The...

              3. 9. Some items have a tax base but are not recognised...

              4. 10. Where the tax base of an asset or liability is...

              5. 11. In consolidated financial statements, temporary differences are determined by comparing...

          6. RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS

            1. 12. Current tax for current and prior periods should, to the...

            2. 13. The benefit relating to a tax loss that can be...

            3. 14. When a tax loss is used to recover current tax...

          7. RECOGNITION OF DEFERRED TAX LIABILITIES AND DEFERRED TAX ASSETS

            1. Taxable temporary differences

              1. 15. A deferred tax liability should be recognised for all taxable...

              2. 16. It is inherent in the recognition of an asset that...

                1. Example

              3. 17. Some temporary differences arise when income or expense is included...

              4. 18. Temporary differences also arise when:

              5. Business combinations

                1. 19. In a business combination that is an acquisition, the cost...

              6. Assets carried at fair value

                1. 20. International Accounting Standards permit certain assets to be carried at...

              7. Goodwill

                1. 21. Goodwill is the excess of the cost of an acquisition...

              8. Initial recognition of an asset or liability

                1. 22. A temporary difference may arise on initial recognition of an...

                2. 23. In accordance with IAS 32, financial instruments: disclosure and presentation,...

                  1. Example illustrating paragraph 22(c)

            2. Deductible temporary differences

              1. 24. A deferred tax asset should be recognised for all deductible...

              2. 25. It is inherent in the recognition of a liability that...

                1. Example

              3. 26. The following are examples of deductible temporary differences which result...

              4. 27. The reversal of deductible temporary differences results in deductions in...

              5. 28. It is probable that taxable profit will be available against...

              6. 29. When there are insufficient taxable temporary differences relating to the...

              7. 30. Tax planning opportunities are actions that the enterprise would take...

              8. 31. When an enterprise has a history of recent losses, the...

              9. Negative goodwill

                1. 32. This Standard does not permit the recognition of a deferred...

              10. Initial recognition of an asset or liability

                1. 33. One case when a deferred tax asset arises on initial...

            3. Unused tax losses and unused tax credits

              1. 34. A deferred tax asset should be recognised for the carryforward...

              2. 35. The criteria for recognising deferred tax assets arising from the...

              3. 36. An enterprise considers the following criteria in assessing the probability...

            4. Reassessment of unrecognised deferred tax assets

              1. 37. At each balance sheet date, an enterprise reassesses unrecognised deferred...

            5. Investments in subsidiaries, branches and associates and interests in joint...

              1. 38. Temporary differences arise when the carrying amount of investments in...

              2. 39. An enterprise should recognise a deferred tax liability for all...

              3. 40. As a parent controls the dividend policy of its subsidiary,...

              4. 41. An enterprise accounts in its own currency for the non-monetary...

              5. 42. An investor in an associate does not control that enterprise...

              6. 43. The arrangement between the parties to a joint venture usually...

              7. 44. An enterprise should recognise a deferred tax asset for all...

              8. 45. In deciding whether a deferred tax asset is recognised for...

          8. MEASUREMENT

            1. 46. Current tax liabilities (assets) for the current and prior periods...

            2. 47. Deferred tax assets and liabilities should be measured at the...

            3. 48. Current and deferred tax assets and liabilities are usually measured...

            4. 49. When different tax rates apply to different levels of taxable...

            5. 50. (Deleted)

            6. 51. The measurement of deferred tax liabilities and deferred tax assets...

            7. 52. In some jurisdictions, the manner in which an enterprise recovers...

              1. Example A

              2. Example B

              3. Example C

            8. 52A. In some jurisdictions, income taxes are payable at a higher...

            9. 52B. In the circumstances described in paragraph 52A, the income tax consequences...

              1. Example illustrating paragraphs 52A and 52B

            10. 53. Deferred tax assets and liabilities should not be discounted.

            11. 54. The reliable determination of deferred tax assets and liabilities on...

            12. 55. Temporary differences are determined by reference to the carrying amount...

            13. 56. The carrying amount of a deferred tax asset should be...

          9. RECOGNITION OF CURRENT AND DEFERRED TAX

            1. 57. Accounting for the current and deferred tax effects of a...

            2. Income statement

              1. 58. Current and deferred tax should be recognised as income or...

              2. 59. Most deferred tax liabilities and deferred tax assets arise where...

              3. 60. The carrying amount of deferred tax assets and liabilities may...

            3. Items credited or charged directly to equity

              1. 61. Current tax and deferred tax should be charged or credited...

              2. 62. International Accounting Standards require or permit certain items to be...

              3. 63. In exceptional circumstances it may be difficult to determine the...

              4. 64. IAS 16, property, plant and equipment, does not specify whether...

              5. 65. When an asset is revalued for tax purposes and that...

              6. 65A. When an enterprise pays dividends to its shareholders, it may...

            4. Deferred tax arising from a business combination

              1. 66. As explained in paragraphs 19 and 26(c), temporary differences may arise...

              2. 67. As a result of a business combination, an acquirer may...

              3. 68. When an acquirer did not recognise a deferred tax asset...

                1. Example

          10. PRESENTATION

            1. Tax assets and tax liabilities

              1. 69. Tax assets and tax liabilities should be presented separately from...

              2. 70. When an enterprise makes a distinction between current and non-current...

              3. Offset

                1. 71. An enterprise should offset current tax assets and current tax...

                2. 72. Although current tax assets and liabilities are separately recognised and...

                3. 73. In consolidated financial statements, a current tax asset of one...

                4. 74. An enterprise should offset deferred tax assets and deferred tax...

                5. 75. To avoid the need for detailed scheduling of the timing...

                6. 76. In rare circumstances, an enterprise may have a legally enforceable...

            2. Tax expense

              1. Tax expense (income) related to profit or loss from ordinary...

                1. 77. The tax expense (income) related to profit or loss from...

              2. Exchange differences on deferred foreign tax liabilities or assets

                1. 78. IAS 21, the effects of changes in foreign exchange rates,...

          11. Disclosure

            1. 79. The major components of tax expense (income) should be disclosed...

            2. 80. Components of tax expense (income) may include:

            3. 81. The following should also be disclosed separately:

            4. 82. An enterprise should disclose the amount of a deferred tax...

            5. 82A. In the circumstances described in paragraph 52A, an enterprise should disclose...

            6. 83. An enterprise discloses the nature and amount of each extraordinary...

            7. 84. The disclosures required by paragraph 81(c) enable users of financial statements...

            8. 85. In explaining the relationship between tax expense (income) and accounting...

            9. 86. The average effective tax rate is the tax expense (income)...

            10. 87. It would often be impracticable to compute the amount of...

            11. 87A. Paragraph 82A requires an enterprise to disclose the nature of...

            12. 87B. It would sometimes not be practicable to compute the total...

            13. 87C. An enterprise required to provide the disclosures in paragraph 82A may...

            14. 88. An enterprise discloses any tax-related contingent liabilities and contingent assets...

              1. Example illustrating paragraph 85

          12. EFFECTIVE DATE

            1. 89. This International Accounting Standard becomes operative for financial statements covering...

            2. 90. This Standard supersedes IAS 12, accounting for taxes on income, approved...

            3. 91. Paragraphs 52A, 52B, 65A, 81(i), 82A, 87A, 87B, 87C and...

      14. INTERNATIONAL ACCOUNTING STANDARD IAS 14 (REVISED 1997)

        1. Segment reporting

          1. INTRODUCTION

            1. 1. The original IAS 14 applied to enterprises whose securities are...

            2. 2. The original IAS 14 required that information be reported for...

            3. 3. The original IAS 14 required that the same quantity of information...

            4. 4. The original IAS 14 was silent on whether segment information must...

            5. 5. The original IAS 14 had allowed differences in the definition of...

            6. 6. IAS 14 (revised) requires ‘symmetry’ in the inclusion of items...

            7. 7. The original IAS 14 was silent on whether segments deemed...

            8. 8. The original IAS 14 was silent on whether geographical segments should...

            9. 9. The original IAS 14 required four principal items of information...

            10. 10. The original IAS 14 was silent on whether prior period segment...

            11. 11. IAS 14 (revised) requires that if total revenue from external...

            12. 12. The original IAS 14 allowed a different method of pricing...

            13. 13. IAS 14 (revised) requires disclosure of revenue for any segment...

          2. CONTENTS

          3. OBJECTIVE

          4. SCOPE

            1. 1. This Standard should be applied in complete sets of published...

            2. 2. A complete set of financial statements includes a balance sheet,...

            3. 3. This Standard should be applied by enterprises whose equity or...

            4. 4. If an enterprise whose securities are not publicly traded prepares...

            5. 5. If an enterprise whose securities are not publicly traded chooses...

            6. 6. If a single financial report contains both consolidated financial statements...

            7. 7. Similarly, if a single financial report contains both the financial...

          5. DEFINITIONS

            1. Definitions from other international accounting standards

              1. 8. The following terms are used in this Standard with the...

            2. Definitions of business segment and geographical segment

              1. 9. The terms business segment and geographical segment are used in...

              2. 10. The factors in paragraph 9 for identifying business segments and geographical...

              3. 11. A single business segment does not include products and services...

              4. 12. Similarly, a geographical segment does not include operations in economic...

              5. 13. The predominant sources of risks affect how most enterprises are...

              6. 14. An enterprise's organisational and internal reporting structure will normally provide...

              7. 15. Determining the composition of a business or geographical segment involves...

            3. Definitions of segment revenue, expense, result, assets, and liabilities

              1. 16. The following additional terms are used in this Standard with...

              2. 17. The definitions of segment revenue, segment expense, segment assets, and...

              3. 18. In some cases, however, a revenue, expense, asset, or liability...

              4. 19. Examples of segment assets include current assets that are used...

              5. 20. Examples of segment liabilities include trade and other payables, accrued...

              6. 21. Measurements of segment assets and liabilities include adjustments to the...

              7. 22. Some guidance for cost allocation can be found in other...

              8. 23. IAS 7, cash flow statements, provides guidance as to whether...

              9. 24. Segment revenue, segment expense, segment assets, and segment liabilities are...

              10. 25. While the accounting policies used in preparing and presenting the...

          6. IDENTIFYING REPORTABLE SEGMENTS

            1. Primary and secondary segment reporting formats

              1. 26. The dominant source and nature of an enterprise's risks and...

              2. 27. An enterprise's internal organisational and management structure and its system...

              3. 28. For most enterprises, the predominant source of risks and returns...

              4. 29. A ‘matrix presentation’ — both business segments and geographical segments...

              5. 30. In some cases, an enterprise's organisation and internal reporting may...

            2. Business and geographical segments

              1. 31. An enterprise's business and geographical segments for external reporting purposes...

              2. 32. If an enterprise's internal organisational and management structure and its...

              3. 33. Under this Standard, most enterprises will identify their business and...

            3. Reportable segments

              1. 34. Two or more internally reported business segments or geographical segments...

              2. 35. A business segment or geographical segment should be identified as...

              3. 36. If an internally reported segment is below all of the...

              4. 37. If total external revenue attributable to reportable segments constitutes less...

              5. 38. The 10 % thresholds in this Standard are not intended to...

              6. 39. By limiting reportable segments to those that earn a majority...

              7. 40. This Standard encourages, but does not require, the voluntary reporting...

              8. 41. If an enterprise's internal reporting system treats vertically integrated activities...

              9. 42. A segment identified as a reportable segment in the immediately...

              10. 43. If a segment is identified as a reportable segment in...

          7. SEGMENT ACCOUNTING POLICIES

            1. 44. Segment information should be prepared in conformity with the accounting...

            2. 45. There is a presumption that the accounting policies that the...

            3. 46. This Standard does not prohibit the disclosure of additional segment...

            4. 47. Assets that are jointly used by two or more segments...

            5. 48. The way in which asset, liability, revenue, and expense items...

          8. DISCLOSURE

            1. 49. Paragraphs 50 to 67 specify the disclosures required for reportable...

            2. Primary reporting format

              1. 50. The disclosure requirements in paragraphs 51 to 67 should be applied...

              2. 51. An enterprise should disclose segment revenue for each reportable segment....

              3. 52. An enterprise should disclose segment result for each reportable segment....

              4. 53. If an enterprise can compute segment net profit or loss...

              5. 54. An example of a measure of segment performance above segment...

              6. 55. An enterprise should disclose the total carrying amount of segment...

              7. 56. An enterprise should disclose segment liabilities for each reportable segment....

              8. 57. An enterprise should disclose the total cost incurred during the...

              9. 58. An enterprise should disclose the total amount of expense included...

              10. 59. An enterprise is encouraged, but not required to disclose the...

              11. 60. IAS 8 requires that ‘when items of income or expense...

              12. 61. An enterprise should disclose, for each reportable segment, the total...

              13. 62. IAS 7 requires that an enterprise present a cash flow...

              14. 63. An enterprise that provides the segment cash flow disclosures that...

              15. 64. An enterprise should disclose, for each reportable segment, the aggregate...

              16. 65. While a single aggregate amount is disclosed pursuant to the...

              17. 66. If an enterprise's aggregate share of the net profit or...

              18. 67. An enterprise should present a reconciliation between the information disclosed...

            3. Secondary segment information

              1. 68. Paragraphs 50 to 67 identify the disclosure requirements to be...

              2. 69. If an enterprise's primary format for reporting segment information is...

              3. 70. If an enterprise's primary format for reporting segment information is...

              4. 71. If an enterprise's primary format for reporting segment information is...

              5. 72. If an enterprise's primary format for reporting segment information is...

            4. Illustrative segment disclosures

              1. 73. Appendix B to this Standard presents an illustration of the...

            5. Other disclosure matters

              1. 74. If a business segment or geographical segment for which information...

              2. 75. In measuring and reporting segment revenue from transactions with other...

              3. 76. Changes in accounting policies adopted for segment reporting that have...

              4. 77. Changes in accounting policies adopted by the enterprise are dealt...

              5. 78. Changes in accounting policies adopted at the enterprise level that...

              6. 79. Some changes in accounting policies relate specifically to segment reporting....

              7. 80. Paragraph 75 requires that, for segment reporting purposes, inter-segment transfers...

              8. 81. An enterprise should indicate the types of products and services...

              9. 82. To assess the impact of such matters as shifts in...

              10. 83. Previously reported segments that no longer satisfy the quantitative thresholds...

          9. EFFECTIVE DATE

            1. 84. This International Accounting Standard becomes operative for financial statements covering...

      15. INTERNATIONAL ACCOUNTING STANDARD IAS 15 (REFORMATTED 1994)

        1. Information reflecting the effects of changing prices

          1. CONTENTS

          2. BOARD STATEMENT OCTOBER 1989

          3. SCOPE

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. . . . . . . . . . ....

            4. 4. . . . . . . . . . ....

            5. 5. . . . . . . . . . ....

          4. EXPLANATION

            1. 6. . . . . . . . . . ....

            2. 7. . . . . . . . . . ....

          5. RESPONDING TO CHANGING PRICES

            1. 8. . . . . . . . . . ....

            2. 9. . . . . . . . . . ....

            3. 10. . . . . . . . . . ....

            4. General purchasing power approach

              1. 11. . . . . . . . . . ....

            5. Current cost approach

              1. 12. . . . . . . . . . ....

              2. 13. . . . . . . . . . ....

              3. 14. . . . . . . . . . ....

              4. 15. . . . . . . . . . ....

              5. 16. . . . . . . . . . ....

              6. 17. . . . . . . . . . ....

              7. 18. . . . . . . . . . ....

            6. Current status

              1. 19. . . . . . . . . . ....

              2. 20. . . . . . . . . . ....

          6. MINIMUM DISCLOSURES

            1. 21. The items to be presented are:

            2. 22. . . . . . . . . . ....

            3. 23. . . . . . . . . . ....

            4. 24. . . . . . . . . . ....

            5. 25. . . . . . . . . . ....

          7. OTHER DISCLOSURES

            1. 26. . . . . . . . . . ....

          8. EFFECTIVE DATE

            1. 27. . . . . . . . . . ....

      16. INTERNATIONAL ACCOUNTING STANDARD 16 Property, Plant and Equipment

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. RECOGNITION

          2. Initial Costs

          3. Subsequent Costs

        6. MEASUREMENT AT RECOGNITION

          2. Elements of Cost

          3. Measurement of Cost

        7. MEASUREMENT AFTER RECOGNITION

          2. Cost Model

          3. Revaluation Model

          4. Depreciation

            2. Depreciable Amount and Depreciation Period

            3. Depreciation Method

          5. Impairment

          6. Compensation for Impairment

        8. DERECOGNITION

        9. DISCLOSURE

        10. TRANSITIONAL PROVISIONS

        11. Effective Date

        12. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      17. APPENDIX Amendments to Other Pronouncements

      18. INTERNATIONAL ACCOUNTING STANDARD 17 Leases

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. CLASSIFICATION OF LEASES

        6. LEASES IN THE FINANCIAL STATEMENTS OF LESSEES

          1. Finance Leases

            1. Initial Recognition

            2. Subsequent Measurement

          2. Operating Leases

        7. LEASES IN THE FINANCIAL STATEMENTS OF LESSORS

          1. Finance Leases

            1. Initial Recognition

            2. Subsequent Measurement

          2. Operating Leases

        8. SALE AND LEASEBACK TRANSACTIONS

        9. TRANSITIONAL PROVISIONS

        10. EFFECTIVE DATE

        11. WITHDRAWAL OF IAS 17 (REVISED 1997)

      19. APPENDIX Amendments to Other Pronouncements

      20. INTERNATIONAL ACCOUNTING STANDARD IAS 18 (REVISED 1993)

        1. Revenue

          1. CONTENTS

          2. OBJECTIVE

          3. SCOPE

            1. 1. This Standard should be applied in accounting for revenue arising...

            2. 2. This Standard supersedes IAS 18, revenue recognition, approved in 1982.

            3. 3. Goods includes goods produced by the enterprise for the purpose...

            4. 4. The rendering of services typically involves the performance by the...

            5. 5. The use by others of enterprise assets gives rise to...

            6. 6. This Standard does not deal with revenue arising from:

          4. DEFINITIONS

            1. 7. The following terms are used in this Standard with the...

            2. 8. Revenue includes only the gross inflows of economic benefits received...

          5. MEASUREMENT OF REVENUE

            1. 9. Revenue should be measured at the fair value of the...

            2. 10. The amount of revenue arising on a transaction is usually...

            3. 11. In most cases, the consideration is in the form of...

            4. 12. When goods or services are exchanged or swapped for goods...

          6. IDENTIFICATION OF THE TRANSACTION

            1. 13. The recognition criteria in this Standard are usually applied separately...

          7. SALE OF GOODS

            1. 14. Revenue from the sale of goods should be recognised when...

            2. 15. The assessment of when an enterprise has transferred the significant...

            3. 16. If the enterprise retains significant risks of ownership, the transaction...

            4. 17. If an enterprise retains only an insignificant risk of ownership,...

            5. 18. Revenue is recognised only when it is probable that the...

            6. 19. Revenue and expenses that relate to the same transaction or...

          8. RENDERING OF SERVICES

            1. 20. When the outcome of a transaction involving the rendering of...

            2. 21. The recognition of revenue by reference to the stage of...

            3. 22. Revenue is recognised only when it is probable that the...

            4. 23. An enterprise is generally able to make reliable estimates after...

            5. 24. The stage of completion of a transaction may be determined...

            6. 25. For practical purposes, when services are performed by an indeterminate...

            7. 26. When the outcome of the transaction involving the rendering of...

            8. 27. During the early stages of a transaction, it is often...

            9. 28. When the outcome of a transaction cannot be estimated reliably...

          9. INTEREST, ROYALTIES AND DIVIDENDS

            1. 29. Revenue arising from the use by others of enterprise assets...

            2. 30. Revenue should be recognised on the following bases:

            3. 31. The effective yield on an asset is the rate of...

            4. 32. When unpaid interest has accrued before the acquisition of an...

            5. 33. Royalties accrue in accordance with the terms of the relevant...

            6. 34. Revenue is recognised only when it is probable that the...

          10. DISCLOSURE

            1. 35. An enterprise should disclose:

            2. 36. An enterprise discloses any contingent liabilities and contingent assets in...

          11. EFFECTIVE DATE

            1. 37. This International Accounting Standard becomes operative for financial statements covering...

      21. INTERNATIONAL ACCOUNTING STANDARD IAS 19 (REVISED 2002)

        1. Employee Benefits

          1. INTRODUCTION

            1. 1. The Standard prescribes the accounting and disclosure by employers for...

            2. 2. The Standard identifies five categories of employee benefits:

            3. 3. The Standard requires an enterprise to recognise short-term employee benefits...

            4. 4. Post-employment benefit plans are classified as either defined contribution plans...

            5. 5. Under defined contribution plans, an enterprise pays fixed contributions into...

            6. 6. All other post-employment benefit plans are defined benefit plans. Defined...

            7. 7. The Standard requires a simpler method of accounting for other...

            8. 8. Termination benefits are employee benefits payable as a result of...

            9. 9. An enterprise is demonstrably committed to a termination when, and...

            10. 10. Where termination benefits fall due more than 12 months after the...

            11. 11. Equity compensation benefits are employee benefits under which either: employees...

            12. 12. The Standard is effective for accounting periods beginning on or...

            13. 13. This Standard was amended in 2000 to amend the definition...

          2. CONTENTS

          3. OBJECTIVE

          4. SCOPE

            1. 1. This Standard should be applied by an employer in accounting...

            2. 2. This Standard does not deal with reporting by employee benefit...

            3. 3. This Standard applies to all employee benefits, including those provided:...

            4. 4. Employee benefits include:

            5. 5. Employee benefits include benefits provided to either employees or their...

            6. 6. An employee may provide services to an enterprise on a...

          5. DEFINITIONS

            1. 7. The following terms are used in this Standard with the...

          6. SHORT-TERM EMPLOYEE BENEFITS

            1. 8. Short-term employee benefits include items such as:

            2. 9. Accounting for short-term employee benefits is generally straightforward because no...

            3. Recognition and measurement

              1. All short-term employee benefits

                1. 10. When an employee has rendered service to an enterprise during...

              2. Short-term compensated absences

                1. 11. An enterprise should recognise the expected cost of short-term employee...

                2. 12. An enterprise may compensate employees for absence for various reasons...

                3. 13. Accumulating compensated absences are those that are carried forward and...

                4. 14. An enterprise should measure the expected cost of accumulating compensated...

                5. 15. The method specified in the previous paragraph measures the obligation...

                  1. Example illustrating paragraphs 14 and 15

                6. 16. Non-accumulating compensated absences do not carry forward: they lapse if...

              3. Profit-sharing and bonus plans

                1. 17. An enterprise should recognise the expected cost of profit-sharing and...

                2. 18. Under some profit-sharing plans, employees receive a share of the...

                  1. Example illustrating paragraph 18

                3. 19. An enterprise may have no legal obligation to pay a...

                4. 20. An enterprise can make a reliable estimate of its legal...

                5. 21. An obligation under profit-sharing and bonus plans results from employee...

                6. 22. If profit-sharing and bonus payments are not due wholly within...

            4. Disclosure

              1. 23. Although this Standard does not require specific disclosures about short-term...

          7. POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT...

            1. 24. Post-employment benefits include, for example:

            2. 25. Post-employment benefit plans are classified as either defined contribution plans...

            3. 26. Examples of cases where an enterprise's obligation is not limited...

            4. 27. Under defined benefit plans:

            5. 28. Paragraphs 29 to 42 explain the distinction between defined contribution plans...

            6. Multi-employer plans

              1. 29. An enterprise should classify a multi-employer plan as a defined...

              2. 30. When sufficient information is not available to use defined benefit...

              3. 31. One example of a defined benefit multi-employer plan is one...

              4. 32. Where sufficient information is available about a multi-employer plan which...

              5. 33. Multi-employer plans are distinct from group administration plans. A group...

              6. 34. Defined benefit plans that pool the assets contributed by various...

              7. 35. IAS 37, provisions, contingent liabilities and contingent assets, requires an...

            7. State plans

              1. 36. An enterprise should account for a State plan in the...

              2. 37. State plans are established by legislation to cover all enterprises...

              3. 38. State plans are characterised as defined benefit or defined contribution...

            8. Insured benefits

              1. 39. An enterprise may pay insurance premiums to fund a post-employment...

              2. 40. The benefits insured by an insurance contract need not have...

              3. 41. Where an enterprise funds a post-employment benefit obligation by contributing...

              4. 42. Where an insurance policy is in the name of a...

          8. POST-EMPLOYMENT BENEFITS: DEFINED CONTRIBUTION PLANS

            1. 43. Accounting for defined contribution plans is straightforward because the reporting...

            2. Recognition and measurement

              1. 44. When an employee has rendered service to an enterprise during...

              2. 45. Where contributions to a defined contribution plan do not fall...

            3. Disclosure

              1. 46. An enterprise should disclose the amount recognised as an expense...

              2. 47. Where required by IAS 24, related party disclosures, an enterprise discloses...

          9. POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS

            1. 48. Accounting for defined benefit plans is complex because actuarial assumptions...

            2. Recognition and measurement

              1. 49. Defined benefit plans may be unfunded, or they may be...

              2. 50. Accounting by an enterprise for defined benefit plans involves the...

              3. 51. In some cases, estimates, averages and computational shortcuts may provide...

              4. Accounting for the constructive obligation

                1. 52. An enterprise should account not only for its legal obligation...

                2. 53. The formal terms of a defined benefit plan may permit...

              5. Balance sheet

                1. 54. The amount recognised as a defined benefit liability should be...

                2. 55. The present value of the defined benefit obligation is the...

                3. 56. An enterprise should determine the present value of defined benefit...

                4. 57. This Standard encourages, but does not require, an enterprise to...

                5. 58. The amount determined under paragraph 54 may be negative (an asset)....

                6. 58A. The application of paragraph 58 should not result in a gain...

                7. 58B. Paragraph 58A applies to an enterprise only if it has,...

                8. 59. An asset may arise where a defined benefit plan has...

                9. 60. The limit in paragraph 58(b) does not over-ride the delayed recognition...

                  1. Example illustrating paragraph 60

              6. Income statement

                1. 61. An enterprise should recognise the net total of the following...

                2. 62. Other International Accounting Standards require the inclusion of certain employee...

            3. Recognition and measurement: present value of defined benefit obligations and...

              1. 63. The ultimate cost of a defined benefit plan may be...

              2. Actuarial valuation method

                1. 64. An enterprise should use the projected unit credit method to...

                2. 65. The projected unit credit method (sometimes known as the accrued...

                3. 66. An enterprise discounts the whole of a post-employment benefit obligation,...

                  1. Example illustrating paragraph 65

              3. Attributing benefit to periods of service

                1. 67. In determining the present value of its defined benefit obligations...

                2. 68. The projected unit credit method requires an enterprise to attribute...

                  1. Examples illustrating paragraph 68

                    1. 1. A defined benefit plan provides a lump-sum benefit of 100...

                    2. 2. A plan provides a monthly pension of 0,2 % of final...

                3. 69. Employee service gives rise to an obligation under a defined...

                  1. Examples illustrating paragraph 69

                    1. 1. A plan pays a benefit of 100 for each year...

                    2. 2. A plan pays a benefit of 100 for each year...

                4. 70. The obligation increases until the date when further service by...

                  1. Examples illustrating paragraph 70

                    1. 1. A plan pays a lump-sum benefit of 1 000 that vests...

                    2. 2. A plan pays a lump-sum retirement benefit of 2 000 to...

                    3. 3. A post-employment medical plan reimburses 40 % of an employee's post-employment...

                    4. 4. A post-employment medical plan reimburses 10 % of an employee's post-employment...

                5. 71. Where the amount of a benefit is a constant proportion...

                  1. Example illustrating paragraph 71

              4. Actuarial assumptions

                1. 72. Actuarial assumptions should be unbiased and mutually compatible.

                2. 73. Actuarial assumptions are an enterprise's best estimates of the variables...

                3. 74. Actuarial assumptions are unbiased if they are neither imprudent nor...

                4. 75. Actuarial assumptions are mutually compatible if they reflect the economic...

                5. 76. An enterprise determines the discount rate and other financial assumptions...

                6. 77. Financial assumptions should be based on market expectations, at the...

              5. Actuarial assumptions: discount rate

                1. 78. The rate used to discount post-employment benefit obligations (both funded...

                2. 79. One actuarial assumption which has a material effect is the...

                3. 80. The discount rate reflects the estimated timing of benefit payments....

                4. 81. In some cases, there may be no deep market in...

                5. 82. Interest cost is computed by multiplying the discount rate as...

              6. Actuarial assumptions: salaries, benefits and medical costs

                1. 83. Post-employment benefit obligations should be measured on a basis that...

                2. 84. Estimates of future salary increases take account of inflation, seniority,...

                3. 85. If the formal terms of a plan (or a constructive...

                4. 86. Actuarial assumptions do not reflect future benefit changes that are...

                5. 87. Some post-employment benefits are linked to variables such as the...

                6. 88. Assumptions about medical costs should take account of estimated future...

                7. 89. Measurement of post-employment medical benefits requires assumptions about the level...

                8. 90. The level and frequency of claims is particularly sensitive to...

                9. 91. Some post-employment health care plans require employees to contribute to...

              7. Actuarial gains and losses

                1. 92. In measuring its defined benefit liability under paragraph 54, an enterprise...

                2. 93. The portion of actuarial gains and losses to be recognised...

                3. 94. Actuarial gains and losses may result from increases or decreases...

                4. 95. In the long term, actuarial gains and losses may offset...

              8. Past service cost

                1. 96. In measuring its defined benefit liability under paragraph 54, an enterprise...

                2. 97. Past service cost arises when an enterprise introduces a defined...

                  1. Example illustrating paragraph 97

                3. 98. Past service cost excludes:

                4. 99. An enterprise establishes the amortisation schedule for past service cost...

                5. 100. Where an enterprise reduces benefits payable under an existing defined...

                6. 101. Where an enterprise reduces certain benefits payable under an existing...

            4. Recognition and measurement: plan assets

              1. Fair value of plan assets

                1. 102. The fair value of any plan assets is deducted in...

                2. 103. Plan assets exclude unpaid contributions due from the reporting enterprise...

                3. 104. Where plan assets include qualifying insurance policies that exactly match...

              2. Reimbursements

                1. 104A. When, and only when, it is virtually certain that another...

                2. 104B. Sometimes, an enterprise is able to look to another party,...

                3. 104C. When an insurance policy is not a qualifying insurance policy,...

                  1. Example illustrating paragraphs 104A-C

                4. 104D. If the right to reimbursement arises under an insurance policy...

              3. Return on plan assets

                1. 105. The expected return on plan assets is one component of...

                2. 106. The expected return on plan assets is based on market...

                3. 107. In determining the expected and actual return on plan assets,...

                  1. Example illustrating paragraph 106

            5. Business combinations

              1. 108. In a business combination that is an acquisition, an enterprise...

            6. Curtailments and settlements

              1. 109. An enterprise should recognise gains or losses on the curtailment...

              2. 110. Before determining the effect of a curtailment or settlement, an...

              3. 111. A curtailment occurs when an enterprise either:

              4. 112. A settlement occurs when an enterprise enters into a transaction...

              5. 113. In some cases, an enterprise acquires an insurance policy to...

              6. 114. A settlement occurs together with a curtailment if a plan...

              7. 115. Where a curtailment relates to only some of the employees...

                1. Example illustrating paragraph 115

            7. Presentation

              1. Offset

                1. 116. An enterprise should offset an asset relating to one plan...

                2. 117. The offsetting criteria are similar to those established for financial...

              2. Current/non-current distinction

                1. 118. Some enterprises distinguish current assets and liabilities from non-current assets...

              3. Financial components of post-employment benefit costs

                1. 119. This Standard does not specify whether an enterprise should present...

            8. Disclosure

              1. 120. An enterprise should disclose the following information about defined benefit...

              2. 121. Paragraph 120(b) requires a general description of the type of plan....

              3. 122. When an enterprise has more than one defined benefit plan,...

              4. 123. Paragraph 30 requires additional disclosures about multi-employer defined benefit plans...

              5. 124. Where required by IAS 24, related party disclosures, an enterprise discloses...

              6. 125. Where required by IAS 37, provisions, contingent liabilities and contingent assets,...

          10. OTHER LONG-TERM EMPLOYEE BENEFITS

            1. 126. Other long-term employee benefits include, for example:

            2. 127. The measurement of other long-term employee benefits is not usually...

            3. Recognition and measurement

              1. 128. The amount recognised as a liability for other long-term employee...

              2. 129. For other long-term employee benefits, an enterprise should recognise the...

              3. 130. One form of other long-term employee benefit is long-term disability...

            4. Disclosure

              1. 131. Although this Standard does not require specific disclosures about other...

          11. TERMINATION BENEFITS

            1. 132. This Standard deals with termination benefits separately from other employee...

            2. Recognition

              1. 133. An enterprise should recognise termination benefits as a liability and...

              2. 134. An enterprise is demonstrably committed to a termination when, and...

              3. 135. An enterprise may be committed, by legislation, by contractual or...

              4. 136. Some employee benefits are payable regardless of the reason for...

              5. 137. Termination benefits do not provide an enterprise with future economic...

              6. 138. Where an enterprise recognises termination benefits, the enterprise may also...

            3. Measurement

              1. 139. Where termination benefits fall due more than 12 months after the...

              2. 140. In the case of an offer made to encourage voluntary...

            4. Disclosure

              1. 141. Where there is uncertainty about the number of employees who...

              2. 142. As required by IAS 8, net profit or loss for...

              3. 143. Where required by IAS 24, related party disclosures, an enterprise discloses...

          12. EQUITY COMPENSATION BENEFITS

            1. 144. Equity compensation benefits include benefits in such forms as:

            2. Recognition and measurement

              1. 145. This Standard does not specify recognition and measurement requirements for...

            3. Disclosure

              1. 146. The disclosures required below are intended to enable users of...

              2. 147. An enterprise should disclose:

              3. 148. An enterprise should also disclose:

              4. 149. When an enterprise has more than one equity compensation plan,...

              5. 150. When an enterprise has issued share options to employees, or...

              6. 151. The disclosures required by paragraphs 147 and 148 are intended to meet...

              7. 152. In the absence of specific recognition and measurement requirements for...

          13. TRANSITIONAL PROVISIONS

            1. 153. This section specifies the transitional treatment for defined benefit plans....

            2. 154. On first adopting this Standard, an enterprise should determine its...

            3. 155. If the transitional liability is more than the liability that...

            4. 156. On the initial adoption of the Standard, the effect of...

              1. Example illustrating paragraphs 154 to 156

          14. EFFECTIVE DATE

            1. 157. This International Accounting Standard becomes operative for financial statements covering...

            2. 158. This Standard supersedes IAS 19, retirement benefit costs, approved in 1993....

            3. 159. The following become operative for annual financial statements covering periods...

            4. 159A. The amendment in paragraph 58A becomes operative for annual financial...

            5. 160. IAS 8, net profit or loss for the period, fundamental...

      22. INTERNATIONAL ACCOUNTING STANDARD IAS 20 (REFORMATTED 1994)

        1. Accounting for government grants and disclosure of government assistance

          1. CONTENTS

          2. SCOPE

            1. 1. This Standard should be applied in accounting for, and in...

            2. 2. This Standard does not deal with:

          3. DEFINITIONS

            1. 3. The following terms are used in this Standard with the...

            2. 4. Government assistance takes many forms varying both in the nature...

            3. 5. The receipt of government assistance by an enterprise may be...

            4. 6. Government grants are sometimes called by other names such as...

          4. GOVERNMENT GRANTS

            1. 7. Government grants, including non-monetary grants at fair value, should not...

            2. 8. A government grant is not recognised until there is reasonable...

            3. 9. The manner in which a grant is received does not...

            4. 10. A forgivable loan from government is treated as a government...

            5. 11. Once a government grant is recognised, any related contingent liability...

            6. 12. Government grants should be recognised as income over the periods...

            7. 13. Two broad approaches may be found to the accounting treatment...

            8. 14. Those in support of the capital approach argue as follows:...

            9. 15. Arguments in support of the income approach are as follows:...

            10. 16. It is fundamental to the income approach that government grants...

            11. 17. In most cases the periods over which an enterprise recognises...

            12. 18. Grants related to non-depreciable assets may also require the fulfilment...

            13. 19. Grants are sometimes received as part of a package of...

            14. 20. A government grant that becomes receivable as compensation for expenses...

            15. 21. In certain circumstances, a government grant may be awarded for...

            16. 22. A government grant may become receivable by an enterprise as...

            17. Non-monetary government grants

              1. 23. A government grant may take the form of a transfer...

            18. Presentation of grants related to assets

              1. 24. Government grants related to assets, including non-monetary grants at fair...

              2. 25. Two methods of presentation in financial statements of grants (or...

              3. 26. One method sets up the grant as deferred income which...

              4. 27. The other method deducts the grant in arriving at the...

              5. 28. The purchase of assets and the receipt of related grants...

            19. Presentation of grants related to income

              1. 29. Grants related to income are sometimes presented as a credit...

              2. 30. Supporters of the first method claim that it is inappropriate...

              3. 31. Both methods are regarded as acceptable for the presentation of...

            20. Repayment of government grants

              1. 32. A government grant that becomes repayable should be accounted for...

              2. 33. Circumstances giving rise to repayment of a grant related to...

          5. GOVERNMENT ASSISTANCE

            1. 34. Excluded from the definition of government grants in paragraph 3 are...

            2. 35. Examples of assistance that cannot reasonably have a value placed...

            3. 36. The significance of the benefit in the above examples may...

            4. 37. Loans at nil or low interest rates are a form...

            5. 38. In this Standard, government assistance does not include the provision...

          6. DISCLOSURE

            1. 39. The following matters should be disclosed:

          7. TRANSITIONAL PROVISIONS

            1. 40. An enterprise adopting the Standard for the first time should:...

          8. EFFECTIVE DATE

            1. 41. This International Accounting Standard becomes operative for financial statements covering...

      23. INTERNATIONAL ACCOUNTING STANDARD 21 The Effects of Changes in Foreign Exchange Rates

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

          1. Elaboration on the Definitions

            1. Functional Currency

            2. Net Investment in a Foreign Operation

            3. Monetary Items

        5. SUMMARY OF THE APPROACH REQUIRED BY THIS STANDARD

        6. REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY

          1. Initial Recognition

          2. Reporting at Subsequent Balance Sheet Dates

          3. Recognition of Exchange Differences

          4. Change in Functional Currency

        7. USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY...

          1. Translation to the Presentation Currency

          2. Translation of a Foreign Operation

          3. Disposal of a Foreign Operation

        8. TAX EFFECTS OF ALL EXCHANGE DIFFERENCES

        9. DISCLOSURE

        10. EFFECTIVE DATE AND TRANSITION

        11. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      24. APPENDIX Amendments to Other Pronouncements

      25. INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations

        1. OBJECTIVE

        2. SCOPE

          2. Identifying a business combination

          3. Business combinations involving entities under common control

        3. METHOD OF ACCOUNTING

        4. APPLICATION OF THE PURCHASE METHOD

          2. Identifying the acquirer

          3. Cost of a business combination

            2. Adjustments to the cost of a business combination contingent on...

          4. Allocating the cost of a business combination to the assets...

            2. Acquiree’s identifiable assets and liabilities

            3. Acquiree’s intangible assets

            4. Acquiree’s contingent liabilities

            5. Goodwill

            6. Excess of acquirer’s interest in the net fair value of...

            7. Business combination achieved in stages

          5. Initial accounting determined provisionally

            2. Adjustments after the initial accounting is complete

            3. Recognition of deferred tax assets after the initial accounting is...

        5. DISCLOSURE

        6. TRANSITIONAL PROVISIONS AND EFFECTIVE DATE

          2. Previously recognised goodwill

          3. Previously recognised negative goodwill

          4. Previously recognised intangible assets

          5. Equity accounted investments

          6. Limited retrospective application

        7. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      26. APPENDIX A Defined terms

      27. APPENDIX B Application supplement

        1. Reverse acquisitions

          2. Cost of the business combination

          3. Preparation and presentation of consolidated financial statements

          4. Minority interest

          5. Earnings per share

        2. Allocating the cost of a business combination

      28. APPENDIX C Amendments to other IFRSs

      29. INTERNATIONAL FINANCIAL REPORTING STANDARD 4 Insurance contracts

        1. OBJECTIVE

        2. SCOPE

          1. Embedded derivatives

          2. Unbundling of deposit components

        3. RECOGNITION AND MEASUREMENT

          1. Temporary exemption from some other IFRSs

            1. Liability adequacy test

            2. Impairment of reinsurance assets

          2. Changes in accounting policies

            1. Current market interest rates

            2. Continuation of existing practices

            3. Prudence

            4. Future investment margins

            5. Shadow accounting

          3. Insurance contracts acquired in a business combination or portfolio transfer...

          4. Discretionary participation features

            1. Discretionary participation features in insurance contracts

            2. Discretionary participation features in financial instruments

        4. DISCLOSURE

          1. Explanation of recognised amounts

          2. Amount, timing and uncertainty of cash flows

        5. EFFECTIVE DATE AND TRANSITION

          1. Disclosure

          2. Redesignation of financial assets

      30. APPENDIX A Defined terms

      31. APPENDIX B Definition of an insurance contract

        3. Uncertain future event

        4. Payments in kind

        5. Distinction between insurance risk and other risks

        6. Examples of insurance contracts

        7. Significant insurance risk

        8. Changes in the level of insurance risk

      32. APPENDIX C Amendments to other IFRSs

        2. Amendments to IAS 32 and IAS 39

        3. Amendments to other IFRSs

      33. INTERNATIONAL ACCOUNTING STANDARD IAS 23 (REVISED 1993)

        1. Borrowing costs

          1. CONTENTS

          2. OBJECTIVE

          3. SCOPE

            1. 1. This Standard should be applied in accounting for borrowing costs....

            2. 2. This Standard supersedes IAS 23, capitalisation of borrowing costs, approved in...

            3. 3. This Standard does not deal with the actual or imputed...

          4. DEFINITIONS

            1. 4. The following terms are used in this Standard with the...

            2. 5. Borrowing costs may include:

            3. 6. Examples of qualifying assets are inventories that require a substantial...

          5. BORROWING COSTS — BENCHMARK TREATMENT

            1. Recognition

              1. 7. Borrowing costs should be recognised as an expense in the...

              2. 8. Under the benchmark treatment borrowing costs are recognised as an...

            2. Disclosure

              1. 9. The financial statements should disclose the accounting policy adopted for...

          6. BORROWING COSTS — ALLOWED ALTERNATIVE TREATMENT

            1. Recognition

              1. 10. Borrowing costs should be recognised as an expense in the...

              2. 11. Borrowing costs that are directly attributable to the acquisition, construction...

              3. 12. Under the allowed alternative treatment, borrowing costs that are directly...

              4. Borrowing costs eligible for capitalisation

                1. 13. The borrowing costs that are directly attributable to the acquisition,...

                2. 14. It may be difficult to identify a direct relationship between...

                3. 15. To the extent that funds are borrowed specifically for the...

                4. 16. The financing arrangements for a qualifying asset may result in...

                5. 17. To the extent that funds are borrowed generally and used...

                6. 18. In some circumstances, it is appropriate to include all borrowings...

              5. Excess of the carrying amount of the qualifying asset over...

                1. 19. When the carrying amount or the expected ultimate cost of...

              6. Commencement of capitalisation

                1. 20. The capitalisation of borrowing costs as part of the cost...

                2. 21. Expenditures on a qualifying asset include only those expenditures that...

                3. 22. The activities necessary to prepare the asset for its intended...

              7. Suspension of capitalisation

                1. 23. Capitalisation of borrowing costs should be suspended during extended periods...

                2. 24. Borrowing costs may be incurred during an extended period in...

              8. Cessation of capitalisation

                1. 25. Capitalisation of borrowing costs should cease when substantially all the...

                2. 26. An asset is normally ready for its intended use or...

                3. 27. When the construction of a qualifying asset is completed in...

                4. 28. A business park comprising several buildings, each of which can...

          7. DISCLOSURE

            1. 29. The financial statements should disclose:

          8. TRANSITIONAL PROVISIONS

            1. 30. When the adoption of this Standard constitutes a change in...

          9. EFFECTIVE DATE

            1. 31. This International Accounting Standard becomes operative for financial statements covering...

      34. INTERNATIONAL ACCOUNTING STANDARD 24 Related Party Disclosures

        2. OBJECTIVE

        3. SCOPE

        4. PURPOSE OF RELATED PARTY DISCLOSURES

        5. DEFINITIONS

        6. DISCLOSURE

        7. EFFECTIVE DATE

        8. WITHDRAWAL OF IAS 24 (REFORMATTED 1994)

      35. APPENDIX Amendment to IAS 30

      36. INTERNATIONAL ACCOUNTING STANDARD IAS 26 (REFORMATTED 1994)

        1. Accounting and reporting by retirement benefit plans

          1. CONTENTS

          2. SCOPE

            1. 1. This Standard should be applied in the reports of retirement...

            2. 2. Retirement benefit plans are sometimes referred to by various other...

            3. 3. This Standard deals with accounting and reporting by the plan...

            4. 4. IAS 19, employee benefits, is concerned with the determination of...

            5. 5. Retirement benefit plans may be defined contribution plans or defined...

            6. 6. Retirement benefit plans with assets invested with insurance companies are...

            7. 7. This Standard does not deal with other forms of employment...

          3. DEFINITIONS

            1. 8. The following terms are used in this Standard with the...

            2. 9. Some retirement benefit plans have sponsors other than employers; this...

            3. 10. Most retirement benefit plans are based on formal agreements. Some...

            4. 11. Many retirement benefit plans provide for the establishment of separate...

            5. 12. Retirement benefit plans are normally described as either defined contribution...

          4. DEFINED CONTRIBUTION PLANS

            1. 13. The report of a defined contribution plan should contain a...

            2. 14. Under a defined contribution plan, the amount of a participant's...

            3. 15. The participants are interested in the activities of the plan...

            4. 16. The objective of reporting by a defined contribution plan is...

          5. DEFINED BENEFIT PLANS

            1. 17. The report of a defined benefit plan should contain either:...

            2. 18. For the purposes of paragraph 17, the actuarial present value...

            3. 19. The report should explain the relationship between the actuarial present...

            4. 20. Under a defined benefit plan, the payment of promised retirement...

            5. 21. A defined benefit plan needs the periodic advice of an...

            6. 22. The objective of reporting by a defined benefit plan is...

            7. Actuarial present value of promised retirement benefits

              1. 23. The present value of the expected payments by a retirement...

              2. 24. The reasons given for adopting a current salary approach include:...

              3. 25. Reasons given for adopting a projected salary approach include:

              4. 26. The actuarial present value of promised retirement benefits based on...

            8. Frequency of actuarial valuations

              1. 27. In many countries, actuarial valuations are not obtained more frequently...

            9. Report content

              1. 28. For defined benefit plans, information is presented in one of...

              2. 29. Those in favour of the formats described in paragraphs 28(a)...

              3. 30. Those who favour the format described in paragraph 28(c) believe...

              4. 31. This Standard accepts the views in favour of permitting disclosure...

          6. ALL PLANS

            1. Valuation of plan assets

              1. 32. Retirement benefit plan investments should be carried at fair value....

              2. 33. In the case of marketable securities fair value is usually...

            2. Disclosure

              1. 34. The report of a retirement benefit plan, whether defined benefit...

              2. 35. Reports provided by retirement benefit plans include the following, if...

              3. 36. The report of a retirement benefit plan contains a description...

          7. EFFECTIVE DATE

            1. 37. This International Accounting Standard becomes operative for financial statements of...

      37. INTERNATIONAL ACCOUNTING STANDARD 27 Consolidated and Separate Financial Statements

        2. SCOPE

        3. DEFINITIONS

        4. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

        5. SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS

        6. CONSOLIDATION PROCEDURES

        7. ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES...

        8. DISCLOSURE

        9. EFFECTIVE DATE

        10. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      38. APPENDIX Amendments to Other Pronouncements

      39. INTERNATIONAL ACCOUNTING STANDARD 28 Investments in Associates

        2. SCOPE

        3. DEFINITIONS

          2. Significant Influence

          3. Equity Method

        4. APPLICATION OF THE EQUITY METHOD

          2. Impairment Losses

          3. Separate Financial Statements

        5. DISCLOSURE

        6. EFFECTIVE DATE

        7. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      40. APPENDIX Amendments to Other Pronouncements

      41. INTERNATIONAL ACCOUNTING STANDARD IAS 29 (REFORMATTED 1994)

        1. Financial reporting in hyperinflationary economies

          1. CONTENTS

          2. SCOPE

            1. 1. This Standard should be applied to the primary financial statements,...

            2. 2. In a hyperinflationary economy, reporting of operating results and financial...

            3. 3. This Standard does not establish an absolute rate at which...

            4. 4. It is preferable that all enterprises that report in the...

          3. THE RESTATEMENT OF FINANCIAL STATEMENTS

            1. 5. Prices change over time as the result of various specific...

            2. 6. In most countries, primary financial statements are prepared on the...

            3. 7. In a hyperinflationary economy, financial statements, whether they are based...

            4. 8. The financial statements of an enterprise that reports in the...

            5. 9. The gain or loss on the net monetary position should...

            6. 10. The restatement of financial statements in accordance with this Standard...

            7. Historical cost financial statements

              1. Balance sheet

                1. 11. Balance sheet amounts not already expressed in terms of the...

                2. 12. Monetary items are not restated because they are already expressed...

                3. 13. Assets and liabilities linked by agreement to changes in prices,...

                4. 14. All other assets and liabilities are non-monetary. Some non-monetary items...

                5. 15. Most non-monetary items are carried at cost or cost less...

                6. 16. Detailed records of the acquisition dates of items of property,...

                7. 17. A general price index may not be available for the...

                8. 18. Some non-monetary items are carried at amounts current at dates...

                9. 19. The restated amount of a non-monetary item is reduced, in...

                10. 20. An investee that is accounted for under the equity method...

                11. 21. The impact of inflation is usually recognised in borrowing costs....

                12. 22. An enterprise may acquire assets under an arrangement that permits...

                13. 23. IAS 21, the effects of changes in foreign exchange rates,...

                14. 24. At the beginning of the first period of application of...

                15. 25. At the end of the first period and in subsequent...

              2. Income statement

                1. 26. This Standard requires that all items in the income statement...

              3. Gain or loss on net monetary position

                1. 27. In a period of inflation, an enterprise holding an excess...

                2. 28. The gain or loss on the net monetary position is...

            8. Current cost financial statements

              1. Balance sheet

                1. 29. Items stated at current cost are not restated because they...

              2. Income statement

                1. 30. The current cost income statement, before restatement, generally reports costs...

              3. Gain or loss on net monetary position

                1. 31. The gain or loss on the net monetary position is...

              4. Taxes

                1. 32. The restatement of financial statements in accordance with this Standard...

            9. Cash flow statement

              1. 33. This Standard requires that all items in the cash flow...

            10. Corresponding figures

              1. 34. Corresponding figures for the previous reporting period, whether they were...

            11. Consolidated financial statements

              1. 35. A parent that reports in the currency of a hyperinflationary...

              2. 36. If financial statements with different reporting dates are consolidated, all...

            12. Selection and use of the general price index

              1. 37. The restatement of financial statements in accordance with this Standard...

          4. ECONOMIES CEASING TO BE HYPERINFLATIONARY

            1. 38. When an economy ceases to be hyperinflationary and an enterprise...

          5. DISCLOSURES

            1. 39. The following disclosures should be made:

            2. 40. The disclosures required by this Standard are needed to make...

          6. EFFECTIVE DATE

            1. 41. This International Accounting Standard becomes operative for financial statements covering...

      42. INTERNATIONAL ACCOUNTING STANDARD IAS 30 (REFORMATTED 1994)

        1. Disclosures in the financial statements of banks and similar financial...

          1. CONTENTS

          2. SCOPE

            1. 1. This Standard should be applied in the financial statements of...

            2. 2. For the purposes of this Standard, the term ‘bank’ includes...

            3. 3. Banks represent a significant and influential sector of business worldwide....

            4. 4. This Standard supplements other International Accounting Standards which also apply...

            5. 5. This Standard applies to the separate financial statements and the...

          3. BACKGROUND

            1. 6. The users of the financial statements of a bank need...

            2. 7. The users of the financial statements of a bank are...

          4. ACCOUNTING POLICIES

            1. 8. Banks use differing methods for the recognition and measurement of...

          5. INCOME STATEMENT

            1. 9. A bank should present an income statement which groups income...

            2. 10. In addition to the requirements of other International Accounting Standards,...

            3. 11. The principal types of income arising from the operations of...

            4. 12. The principal types of expenses arising from the operations of...

            5. 13. Income and expense items should not be offset except for...

            6. 14. Offsetting in cases other than those relating to hedges and...

            7. 15. Gains and losses arising from each of the following are...

            8. 16. Interest income and interest expense are disclosed separately in order...

            9. 17. Net interest is a product of both interest rates and...

          6. BALANCE SHEET

            1. 18. A bank should present a balance sheet that groups assets...

            2. 19. In addition to the requirements of other International Accounting Standards,...

            3. 20. The most useful approach to the classification of the assets...

            4. 21. The distinction between balances with other banks and those with...

            5. 22. A bank generally does not know the holders of its...

            6. 23. The amount at which any asset or liability is stated...

            7. 24. A bank should disclose the fair values of each class...

            8. 25. IAS 39 provides for four classifications of financial assets: loans...

          7. CONTINGENCIES AND COMMITMENTS INCLUDING OFF BALANCE SHEET ITEMS

            1. 26. A bank should disclose the following contingent liabilities and commitments:...

            2. 27. IAS 37, provisions, contingent liabilities and contingent assets, deals generally...

            3. 28. Many banks also enter into transactions that are presently not...

            4. 29. The users of the financial statements need to know about...

          8. MATURITIES OF ASSETS AND LIABILITIES

            1. 30. A bank should disclose an analysis of assets and liabilities...

            2. 31. The matching and controlled mismatching of the maturities and interest...

            3. 32. The maturities of assets and liabilities and the ability to...

            4. 33. The maturity groupings applied to individual assets and liabilities differ...

            5. 34. It is essential that the maturity periods adopted by a...

            6. 35. Maturities could be expressed in terms of:

            7. 36. In many countries, deposits made with a bank may be...

            8. 37. Some assets of a bank do not have a contractual...

            9. 38. The users' evaluation of the liquidity of a bank from...

            10. 39. In order to provide users with a full understanding of...

          9. CONCENTRATIONS OF ASSETS, LIABILITIES AND OFF BALANCE SHEET ITEMS

            1. 40. A bank should disclose any significant concentrations of its assets,...

            2. 41. A bank discloses significant concentrations in the distribution of its...

            3. 42. The disclosure of significant net foreign currency exposures is also...

          10. LOSSES ON LOANS AND ADVANCES

            1. 43. A bank should disclose the following:

            2. 44. Any amounts set aside in respect of losses on loans...

            3. 45. It is inevitable that in the ordinary course of business,...

            4. 46. Local circumstances or legislation may require or allow a bank...

            5. 47. Users of the financial statements of a bank need to...

            6. 48. A bank may decide not to accrue interest on a...

            7. 49. When loans and advances cannot be recovered, they are written...

          11. GENERAL BANKING RISKS

            1. 50. Any amounts set aside for general banking risks, including future...

            2. 51. Local circumstances or legislation may require or allow a bank...

            3. 52. The income statement cannot present relevant and reliable information about...

          12. ASSETS PLEDGED AS SECURITY

            1. 53. A bank should disclose the aggregate amount of secured liabilities...

            2. 54. In some countries, banks are required, either by law or...

          13. TRUST ACTIVITIES

            1. 55. Banks commonly act as trustees and in other fiduciary capacities...

          14. RELATED PARTY TRANSACTIONS

            1. 56. IAS 24, related party disclosures, deals generally with the disclosures...

            2. 57. Certain transactions between related parties may be effected on different...

            3. 58. When a bank has entered into transactions with related parties,...

          15. EFFECTIVE DATE

            1. 59. This International Accounting Standard becomes operative for the financial statements...

      43. INTERNATIONAL ACCOUNTING STANDARD 31 Interests in Joint Ventures

        2. SCOPE

        3. DEFINITIONS

          2. Forms of Joint Venture

          3. Joint Control

          4. Contractual Arrangement

        4. JOINTLY CONTROLLED OPERATIONS

        5. JOINTLY CONTROLLED ASSETS

        6. JOINTLY CONTROLLED ENTITIES

          2. Financial Statements of a Venturer

            1. Proportionate Consolidation

            2. Equity Method

            3. Exceptions to Proportionate Consolidation and Equity Method

          3. Separate Financial Statements of a Venturer

        7. TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE

        8. REPORTING INTERESTS IN JOINT VENTURES IN THE FINANCIAL STATEMENTS OF...

        9. OPERATORS OF JOINT VENTURES

        10. DISCLOSURE

        11. EFFECTIVE DATE

        12. WITHDRAWAL OF IAS 31 (REVISED 2000)

      44. APPENDIX Amendments to Other Pronouncements

      45. INTERNATIONAL ACCOUNTING STANDARD 32 Financial Instruments: Disclosure and Presentation

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS (see also paragraphs AG3-AG24)

        5. PRESENTATION

          1. Liabilities and Equity (see also paragraphs AG25-AG29)

            2. No Contractual Obligation to Deliver Cash or Another Financial Asset...

            3. Settlement in the Entity’s Own Equity Instruments (paragraph 16(b))

            4. Contingent Settlement Provisions

            5. Settlement Options

          2. Compound Financial Instruments (see also paragraphs AG30-AG35 and Illustrative Examples...

          3. Treasury Shares (see also paragraph AG36)

          4. Interest, Dividends, Losses and Gains (see also paragraph AG37)

          5. Offsetting a Financial Asset and a Financial Liability (see also...

        6. DISCLOSURE

          2. Format, Location and Classes of Financial Instruments

          3. Risk Management Policies and Hedging Activities

          4. Terms, Conditions and Accounting Policies

          5. Interest Rate Risk

          6. Credit Risk

          7. Fair Value

          8. Other Disclosures

            1. Derecognition

            2. Collateral

            3. Compound financial instruments with multiple embedded derivatives

            4. Financial assets and financial liabilities at fair value through profit...

            5. Reclassification

            6. Income statement and equity

            7. Impairment

            8. Defaults and breaches

        7. EFFECTIVE DATE

        8. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      46. APPENDIX A Application Guidance IAS 32 Financial Instruments: Disclosure and Presentation

        2. Definitions (paragraphs 11-14)

          1. Financial Assets and Financial Liabilities

          2. Equity Instruments

          3. Derivative Financial Instruments

          4. Contracts to Buy or Sell Non-Financial Items (paragraphs 8-10)

        3. Presentation

          1. Liabilities and Equity (paragraphs 15-27)

            1. No Contractual Obligation to Deliver Cash or Another Financial Asset...

            2. Settlement in the Entity’s Own Equity Instruments (paragraphs 21-24)

            3. Contingent Settlement Provisions (paragraph 25)

            4. Treatment in Consolidated Financial Statements

          2. Compound Financial Instruments (paragraphs 28-32)

          3. Treasury Shares (paragraphs 33 and 34)

          4. Interest, Dividends, Losses and Gains (paragraphs 35-41)

          5. Offsetting a Financial Asset and a Financial Liability (paragraphs 42-50)...

        4. Disclosure

          1. Financial Assets and Financial Liabilities at Fair Value Through Profit...

      47. INTERNATIONAL ACCOUNTING STANDARD 33 Earnings per Share

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. MEASUREMENT

          1. Basic Earnings per Share

            2. Earnings

            3. Shares

          2. Diluted Earnings per Share

            2. Earnings

            3. Shares

            4. Dilutive Potential Ordinary Shares

              2. Options, warrants and their equivalents

              3. Convertible instruments

              4. Contingently issuable shares

              5. Contracts that may be settled in ordinary shares or cash...

              6. Purchased options

              7. Written put options

        6. RETROSPECTIVE ADJUSTMENTS

        7. PRESENTATION

        8. DISCLOSURE

        9. EFFECTIVE DATE

        10. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      48. APPENDIX A Application Guidance

        1. Profit or Loss Attributable to the Parent Entity

        2. Rights Issues

        3. Control Number

        4. Average Market Price of Ordinary Shares

        5. Options, Warrants and Their Equivalents

        6. Written Put Options

        7. Instruments of Subsidiaries, Joint Ventures or Associates

        8. Participating Equity Instruments and Two-Class Ordinary Shares The equity of some entities includes: instruments that participate in...

        9. Partly Paid Shares Where ordinary shares are issued but not fully paid, they...

      49. APPENDIX B Amendments to Other Pronouncements

      50. INTERNATIONAL ACCOUNTING STANDARD IAS 34

        1. Interim financial reporting

          1. INTRODUCTION

            1. 1. This Standard (‘IAS 34’) addresses interim financial reporting, a matter...

            2. 2. An interim financial report is a financial report that contains...

            3. 3. This Standard does not mandate which enterprises should publish interim...

            4. 4. This Standard:

            5. 5. Minimum content of an interim financial report is a condensed...

            6. 6. On the presumption that anyone who reads an enterprise's interim...

            7. 7. An enterprise should apply the same accounting policies in its...

            8. 8. An appendix to this Standard provides guidance for applying the...

            9. 9. In deciding how to recognise, classify, or disclose an item...

          2. CONTENTS

          3. OBJECTIVE

          4. SCOPE

            1. 1. This Standard does not mandate which enterprises should be required...

            2. 2. Each financial report, annual or interim, is evaluated on its...

            3. 3. If an enterprise's interim financial report is described as complying...

          5. DEFINITIONS

            1. 4. The following terms are used in this Standard with the...

          6. CONTENT OF AN INTERIM FINANCIAL REPORT

            1. 5. IAS 1 defines a complete set of financial statements as...

            2. 6. In the interest of timeliness and cost considerations and to...

            3. 7. Nothing in this Standard is intended to prohibit or discourage...

            4. Minimum components of an interim financial report

              1. 8. An interim financial report should include, at a minimum, the...

            5. Form and content of interim financial statements

              1. 9. If an enterprise publishes a complete set of financial statements...

              2. 10. If an enterprise publishes a set of condensed financial statements...

              3. 11. Basic and diluted earnings per share should be presented on...

              4. 12. IAS 1 provides guidance on the structure of financial statements...

              5. 13. While IAS 1 requires that a statement showing changes in...

              6. 14. An interim financial report is prepared on a consolidated basis...

            6. Selected explanatory notes

              1. 15. A user of an enterprise's interim financial report will also...

              2. 16. An enterprise should include the following information, as a minimum,...

              3. 17. Examples of the kinds of disclosures that are required by...

              4. 18. Other International Accounting Standards specify disclosures that should be made...

            7. Disclosure of compliance with IAS

              1. 19. If an enterprise's interim financial report is in compliance with...

            8. Periods for which interim financial statements are required to be...

              1. 20. Interim reports should include interim financial statements (condensed or complete)...

              2. 21. For an enterprise whose business is highly seasonal, financial information...

              3. 22. Appendix A illustrates the periods required to be presented by...

            9. Materiality

              1. 23. In deciding how to recognise, measure, classify, or disclose an...

              2. 24. The ‘Preface to International Accounting Standards’ states that ‘International Accounting...

              3. 25. While judgement is always required in assessing materiality for financial...

          7. DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS

            1. 26. If an estimate of an amount reported in an interim...

            2. 27. IAS 8 requires disclosure of the nature and (if practicable)...

          8. RECOGNITION AND MEASUREMENT

            1. Same accounting policies as annual

              1. 28. An enterprise should apply the same accounting policies in its...

              2. 29. Requiring that an enterprise apply the same accounting policies in...

              3. 30. To illustrate:

              4. 31. Under the framework for the preparation and presentation of financial...

              5. 32. For assets, the same tests of future economic benefits apply...

              6. 33. An essential characteristic of income (revenue) and expenses is that...

              7. 34. In measuring the assets, liabilities, income, expenses, and cash flows...

              8. 35. An enterprise that reports half-yearly uses information available by mid-year...

              9. 36. An enterprise that reports more frequently than half-yearly measures income...

            2. Revenues received seasonally, cyclically, or occasionally

              1. 37. Revenues that are received seasonally, cyclically, or occasionally within a...

              2. 38. Examples include dividend revenue, royalties, and government grants. Additionally, some...

            3. Costs incurred unevenly during the financial year

              1. 39. Costs that are incurred unevenly during an enterprise's financial year...

            4. Applying the recognition and measurement principles

              1. 40. Appendix B provides examples of applying the general recognition and...

            5. Use of estimates

              1. 41. The measurement procedures to be followed in an interim financial...

              2. 42. Appendix C provides examples of the use of estimates in...

          9. RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS

            1. 43. A change in accounting policy, other than one for which...

            2. 44. One objective of the preceding principle is to ensure that...

            3. 45. To allow accounting changes to be reflected as of an...

          10. EFFECTIVE DATE

            1. 46. This International Accounting Standard becomes operative for financial statements covering...

      51. INTERNATIONAL FINANCIAL REPORTING STANDARD 5 Non-current assets held for sale and discontinued operations

        1. OBJECTIVE

        2. SCOPE

        3. CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE...

          2. Non-current assets that are to be abandoned

        4. MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED AS HELD FOR...

          1. Measurement of a non-current asset(or disposal group)

          2. Recognition of impairment losses and reversals

          3. Changes to a plan of sale

        5. PRESENTATION AND DISCLOSURE

          2. Presenting discontinued operations

          3. Gains or losses relating to continuing operations

          4. Presentation of a non-current asset or disposal group classified as...

          5. Additional disclosures

        6. TRANSITIONAL PROVISIONS

        7. EFFECTIVE DATE

        8. WITHDRAWAL OF IAS 35

      52. APPENDIX A Defined terms

      53. APPENDIX B Application supplement

        1. EXTENSION OF THE PERIOD REQUIRED TO COMPLETE A SALE

      54. APPENDIX C Amendments to other IFRSs

      55. INTERNATIONAL ACCOUNTING STANDARD 36 Impairment of assets

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. IDENTIFYING AN ASSET THAT MAY BE IMPAIRED

        6. MEASURING RECOVERABLE AMOUNT

          2. Measuring the Recoverable Amount of an Intangible Asset with an...

          3. Fair Value less Costs to Sell

          4. Value in Use

            2. Basis for Estimates of Future Cash Flows

            3. Composition of Estimates of Future Cash Flows

            4. Foreign Currency Future Cash Flows

            5. Discount Rate

        7. RECOGNISING AND MEASURING AN IMPAIRMENT LOSS

        8. CASH-GENERATING UNITS AND GOODWILL

          2. identifying the cash-generating unit to which an asset belongs

          3. Recoverable Amount and Carrying Amount of a Cash-generating Unit

            2. Goodwill

              1. Allocating Goodwill to Cash-generating Units

              2. Testing Cash-generating Units with Goodwill for Impairment

              3. Minority Interest

              4. Timing of Impairment Tests

            3. Corporate Assets

          4. Impairment Loss for a Cash-generating Unit

        9. REVERSING AN IMPAIRMENT LOSS

          2. Reversing an Impairment Loss for an Individual Asset

          3. Reversing an Impairment Loss for a Cash-generating Unit

          4. Reversing an Impairment Loss for Goodwill

        10. DISCLOSURE

          2. Estimates used to Measure Recoverable Amounts of Cash-generating Units Containing...

        11. TRANSITIONAL PROVISIONS AND EFFECTIVE DATE

        12. WITHDRAWAL OF IAS 36 (ISSUED 1998)

      56. APPENDIX A Using PresentValue Techniques to Measure Value in Use

        2. The Components of a Present Value Measurement

        3. General Principles

        4. Traditional and Expected Cash Flow Approaches to Present Value

          1. Traditional Approach

          2. Expected Cash Flow Approach

        5. Discount Rate

      57. APPENDIX B Amendment to IAS 16

      58. INTERNATIONAL ACCOUNTING STANDARD IAS 37

        1. Provisions, contingent liabilities and contingent assets

          1. INTRODUCTION

            1. 1. IAS 37 prescribes the accounting and disclosure for all provisions,...

            2. Provisions

              1. 2. The Standard defines provisions as liabilities of uncertain timing or...

              2. 3. The Standard defines a constructive obligation as an obligation that...

              3. 4. In rare cases, for example in a law suit, it...

              4. 5. The amount recognised as a provision should be the best...

              5. 6. The Standard requires that an enterprise should, in measuring a...

              6. 7. An enterprise may expect reimbursement of some or all of...

              7. 8. Provisions should be reviewed at each balance sheet date and...

              8. 9. A provision should be used only for expenditures for which...

            3. Provisions — specific applications

              1. 10. The Standard explains how the general recognition and measurement requirements...

              2. 11. Provisions should not be recognised for future operating losses. An...

              3. 12. If an enterprise has a contract that is onerous, the...

              4. 13. The Standard defines a restructuring as a programme that is...

              5. 14. A provision for restructuring costs is recognised only when the...

              6. 15. A management or board decision to restructure does not give...

              7. 16. Where a restructuring involves the sale of an operation, no...

              8. 17. A restructuring provision should include only the direct expenditures arising...

            4. Contingent liabilities

              1. 18. The Standard supersedes the parts of IAS 10, contingencies and events...

              2. 19. An enterprise should not recognise a contingent liability. An enterprise...

            5. Contingent assets

              1. 20. The Standard defines a contingent asset as a possible asset...

              2. 21. An enterprise should not recognise a contingent asset. A contingent...

              3. 22. When the realisation of income is virtually certain, then the...

            6. Effective date

              1. 23. The Standard becomes operative for annual financial statements covering periods...

          2. CONTENTS

          3. OBJECTIVE

          4. SCOPE

            1. 1. This Standard should be applied by all enterprises in accounting...

            2. 2. This Standard applies to financial instruments (including guarantees) that are...

            3. 3. Executory contracts are contracts under which neither party has performed...

            4. 4. This Standard applies to provisions, contingent liabilities and contingent assets...

            5. 5. Where another International Accounting Standard deals with a specific type...

            6. 6. Some amounts treated as provisions may relate to the recognition...

            7. 7. This Standard defines provisions as liabilities of uncertain timing or...

            8. 8. Other International Accounting Standards specify whether expenditures are treated as...

            9. 9. This Standard applies to provisions for restructuring (including discontinuing operations)....

          5. DEFINITIONS

            1. 10. The following terms are used in this Standard with the...

            2. Provisions and other liabilities

              1. 11. Provisions can be distinguished from other liabilities such as trade...

            3. Relationship between provisions and contingent liabilities

              1. 12. In a general sense, all provisions are contingent because they...

              2. 13. This Standard distinguishes between:

          6. RECOGNITION

            1. Provisions

              1. 14. A provision should be recognised when:

              2. Present obligation

                1. 15. In rare cases it is not clear whether there is...

                2. 16. In almost all cases it will be clear whether a...

              3. Past event

                1. 17. A past event that leads to a present obligation is...

                2. 18. Financial statements deal with the financial position of an enterprise...

                3. 19. It is only those obligations arising from past events existing...

                4. 20. An obligation always involves another party to whom the obligation...

                5. 21. An event that does not give rise to an obligation...

                6. 22. Where details of a proposed new law have yet to...

              4. Probable outflow of resources embodying economic benefits

                1. 23. For a liability to qualify for recognition there must be...

                2. 24. Where there are a number of similar obligations (e.g. product...

              5. Reliable estimate of the obligation

                1. 25. The use of estimates is an essential part of the...

                2. 26. In the extremely rare case where no reliable estimate can...

            2. Contingent liabilities

              1. 27. An enterprise should not recognise a contingent liability.

              2. 28. A contingent liability is disclosed, as required by paragraph 86, unless...

              3. 29. Where an enterprise is jointly and severally liable for an...

              4. 30. Contingent liabilities may develop in a way not initially expected....

            3. Contingent assets

              1. 31. An enterprise should not recognise a contingent asset.

              2. 32. Contingent assets usually arise from unplanned or other unexpected events...

              3. 33. Contingent assets are not recognised in financial statements since this...

              4. 34. A contingent asset is disclosed, as required by paragraph 89, where...

              5. 35. Contingent assets are assessed continually to ensure that developments are...

          7. MEASUREMENT

            1. Best estimate

              1. 36. The amount recognised as a provision should be the best...

              2. 37. The best estimate of the expenditure required to settle the...

              3. 38. The estimates of outcome and financial effect are determined by...

              4. 39. Uncertainties surrounding the amount to be recognised as a provision...

              5. Example

              6. 40. Where a single obligation is being measured, the individual most...

              7. 41. The provision is measured before tax, as the tax consequences...

            2. Risks and uncertainties

              1. 42. The risks and uncertainties that inevitably surround many events and...

              2. 43. Risk describes variability of outcome. A risk adjustment may increase...

              3. 44. Disclosure of the uncertainties surrounding the amount of the expenditure...

            3. Present value

              1. 45. Where the effect of the time value of money is...

              2. 46. Because of the time value of money, provisions relating to...

              3. 47. The discount rate (or rates) should be a pre-tax rate...

            4. Future events

              1. 48. Future events that may affect the amount required to settle...

              2. 49. Expected future events may be particularly important in measuring provisions....

              3. 50. The effect of possible new legislation is taken into consideration...

            5. Expected disposal of assets

              1. 51. Gains from the expected disposal of assets should not be...

              2. 52. Gains on the expected disposal of assets are not taken...

          8. REIMBURSEMENTS

            1. 53. Where some or all of the expenditure required to settle...

            2. 54. In the income statement, the expense relating to a provision...

            3. 55. Sometimes, an enterprise is able to look to another party...

            4. 56. In most cases the enterprise will remain liable for the...

            5. 57. In some cases, the enterprise will not be liable for...

            6. 58. As noted in paragraph 29, an obligation for which an enterprise...

          9. Changes in provisions

            1. 59. Provisions should be reviewed at each balance sheet date and...

            2. 60. Where discounting is used, the carrying amount of a provision...

          10. Use of provisions

            1. 61. A provision should be used only for expenditures for which...

            2. 62. Only expenditures that relate to the original provision are set...

          11. APPLICATION OF THE RECOGNITION AND MEASUREMENT RULES

            1. Future operating losses

              1. 63. Provisions should not be recognised for future operating losses.

              2. 64. Future operating losses do not meet the definition of a...

              3. 65. An expectation of future operating losses is an indication that...

            2. Onerous contracts

              1. 66. If an enterprise has a contract that is onerous, the...

              2. 67. Many contracts (for example, some routine purchase orders) can be...

              3. 68. This Standard defines an onerous contract as a contract in...

              4. 69. Before a separate provision for an onerous contract is established,...

            3. Restructuring

              1. 70. The following are examples of events that may fall under...

              2. 71. A provision for restructuring costs is recognised only when the...

              3. 72. A constructive obligation to restructure arises only when an enterprise:...

              4. 73. Evidence that an enterprise has started to implement a restructuring...

              5. 74. For a plan to be sufficient to give rise to...

              6. 75. A management or board decision to restructure taken before the...

              7. 76. Although a constructive obligation is not created solely by a...

              8. 77. In some countries, the ultimate authority is vested in a...

              9. 78. No obligation arises for the sale of an operation until...

              10. 79. Even when an enterprise has taken a decision to sell...

              11. 80. A restructuring provision should include only the direct expenditures arising...

              12. 81. A restructuring provision does not include such costs as:

              13. 82. Identifiable future operating losses up to the date of a...

              14. 83. As required by paragraph 51, gains on the expected disposal of...

          12. DISCLOSURE

            1. 84. For each class of provision, an enterprise should disclose:

            2. 85. An enterprise should disclose the following for each class of...

            3. 86. Unless the possibility of any outflow in settlement is remote,...

            4. 87. In determining which provisions or contingent liabilities may be aggregated...

            5. 88. Where a provision and a contingent liability arise from the...

            6. 89. Where an inflow of economic benefits is probable, an enterprise...

            7. 90. It is important that disclosures for contingent assets avoid giving...

            8. 91. Where any of the information required by paragraphs 86 and 89 is...

            9. 92. In extremely rare cases, disclosure of some or all of...

          13. Transitional provisions

            1. 93. The effect of adopting this Standard on its effective date...

            2. 94. The Standard requires a different treatment from IAS 8, net profit...

          14. EFFECTIVE DATE

            1. 95. This International Accounting Standard becomes operative for annual financial statements...

            2. 96. This Standard supersedes the parts of IAS 10, contingencies and events...

      59. INTERNATIONAL ACCOUNTING STANDARD 38 Intangible assets

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

          2. Intangible Assets

            2. Identifiability

            3. Control

            4. Future Economic Benefits

        5. RECOGNITION AND MEASUREMENT

          2. Separate Acquisition

          3. Acquisition as Part of a Business Combination

            2. Measuring the Fair Value of an Intangible Asset Acquired in...

            3. Subsequent Expenditure on an Acquired In-process Research and Development Project...

          4. Acquisition by way of a Government Grant

          5. Exchanges of Assets

          6. Internally Generated Goodwill

          7. Internally Generated Intangible Assets

            2. Research Phase

            3. Development Phase

            4. Cost of an Internally Generated Intangible Asset

        6. RECOGNITION OF AN EXPENSE

          2. Past Expenses not to be Recognised as an Asset

        7. MEASUREMENT AFTER RECOGNITION

          2. Cost Model

          3. Revaluation Model

        8. USEFUL LIFE

        9. INTANGIBLE ASSETS WITH FINITE USEFUL LIVES

          1. Amortisation Period and Amortisation Method

          2. Residual Value

          3. Review of Amortisation Period and Amortisation Method

        10. INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES

          2. Review of Useful Life Assessment

        11. RECOVERABILITY OF THE CARRYING AMOUNT - IMPAIRMENT LOSSES

        12. RETIREMENTS AND DISPOSALS

        13. DISCLOSURE

          1. General

          2. Intangible Assets Measured after Recognition using the Revaluation Model

          3. Research and Development Expenditure

          4. Other Information

        14. TRANSITIONAL PROVISIONS AND EFFECTIVE DATE

          2. Exchanges of Similar Assets

          3. Early Application

        15. WITHDRAWAL OF IAS 38 (ISSUED 1998)

      60. INTERNATIONAL ACCOUNTING STANDARD 39 Financial Instruments: Recognition and Measurement

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. EMBEDDED DERIVATIVES

        6. RECOGNITION AND DERECOGNITION

          1. Initial Recognition

          2. Derecognition of a Financial Asset

            2. Transfers that Qualify for Derecognition (see paragraph 20(a) and (c)(i))

            3. Transfers that Do Not Qualify for Derecognition (see paragraph 20(b))

            4. Continuing Involvement in Transferred Assets (see paragraph 20(c)(ii))

            5. All Transfers

          3. Regular Way Purchase or Sale of a Financial Asset

          4. Derecognition of a Financial Liability

        7. MEASUREMENT

          1. Initial Measurement of Financial Assets and Financial Liabilities

          2. Subsequent Measurement of Financial Assets

          3. Subsequent Measurement of Financial Liabilities

          4. Fair Value Measurement Considerations

          5. Reclassifications

          6. Gains and Losses

          7. Impairment and Uncollectibility of Financial Assets

            2. Financial Assets Carried at Amortised Cost

            3. Financial Assets Carried at Cost

            4. Available-for-Sale Financial Assets

        8. HEDGING

          2. Hedging Instruments

            1. Qualifying Instruments

            2. Designation of Hedging Instruments

          3. Hedged Items

            1. Qualifying Items

            2. Designation of Financial Items as Hedged Items

            3. Designation of Non-Financial Items as Hedged Items

            4. Designation of Groups of Items as Hedged Items

          4. Hedge Accounting

            2. Fair Value Hedges

            3. Cash Flow Hedges

            4. Hedges of a Net Investment

        9. EFFECTIVE DATE AND TRANSITIONAL PROVISIONS

        10. WITHDRAWAL OF OTHER PRONOUNCEMENTS

      61. APPENDIX A Application Guidance

        2. Scope (paragraphs 2-7)

        3. Definitions (paragraphs 8-9)

          1. Effective Interest Rate

          2. Derivatives

          3. Transaction Costs

          4. Financial Assets and Financial Liabilities Held for Trading

          5. Held-to-Maturity Investments

          6. Loans and Receivables

        4. Embedded Derivatives (paragraphs 10-13)

        5. Recognition and Derecognition (paragraphs 14-42)

          1. Initial Recognition (paragraph 14)

          2. Derecognition of a Financial Asset (paragraphs 15-37)

            1. Transfers that Qualify for Derecognition

            2. Transfers that Do Not Qualify for Derecognition

            3. Continuing Involvement in Transferred Assets

            4. All Transfers

            5. Examples

          3. Regular Way Purchase or Sale of a Financial Asset (paragraph 38)...

          4. Derecognition of a Financial Liability (paragraphs 39-42)

        6. Measurement (paragraphs 43-70)

          1. Initial Measurement of Financial Assets and Financial Liabilities (paragraph 43)

          2. Subsequent Measurement of Financial Assets (paragraphs 45 and 46)

          3. Fair Value Measurement Considerations (paragraphs 48 and 49)

            1. Active Market: Quoted Price

            2. No Active Market: Valuation Technique

            3. No Active Market: Equity Instruments

            4. Inputs to Valuation Techniques

          4. Gains and Losses (paragraphs 55-57)

          5. Impairment and Uncollectibility of Financial Assets (paragraphs 58-70)

            1. Financial Assets Carried at Amortised Cost (paragraphs 63-65)

          6. Interest Income After Impairment Recognition

        7. Hedging (paragraphs 71-102)

          1. Hedging Instruments (paragraphs 72-77)

            1. Qualifying Instruments (paragraphs 72 and 73)

          2. Hedged Items (paragraphs 78-84)

            1. Qualifying Items (paragraphs 78-80)

            2. Designation of Financial Items as Hedged Items (paragraphs 81 and 81A)...

            3. Designation of Non-Financial Items as Hedged Items (paragraph 82)

            4. Designation of Groups of Items as Hedged Items (paragraphs 83 and...

          3. Hedge Accounting (paragraphs 85-102)

            1. Assessing Hedge Effectiveness

            2. Fair Value Hedge Accounting for a Portfolio Hedge of Interest...

      62. APPENDIX B Amendments to Other Pronouncements

        2. Amendments to IFRS 1

          2. Appendix A

        3. Amendments to IAS 12

        4. Amendments to IAS 18

        5. Amendments to IAS 19

        6. Amendments to IAS 30

        7. Amendments to IAS 32

        8. Amendments to IAS 36

        9. Amendments to IAS 37

        10. Amendments to SIC 27

      63. INTERNATIONAL ACCOUNTING STANDARD 40 Investment Property

        2. OBJECTIVE

        3. SCOPE

        4. DEFINITIONS

        5. RECOGNITION

        6. MEASUREMENT AT RECOGNITION

        7. MEASUREMENT AFTER RECOGNITION

          1. Accounting Policy

          2. Fair Value Model

            2. Inability to Determine Fair Value Reliably

          3. Cost Model

        8. TRANSFERS

        9. DISPOSALS

        10. DISCLOSURE

          1. Fair Value Model and Cost Model

            2. Fair Value Model

            3. Cost Model

        11. TRANSITIONAL PROVISIONS

          1. Fair Value Model

          2. Cost Model

        12. EFFECTIVE DATE

        13. WITHDRAWAL OF IAS 40 (2000)

      64. INTERNATIONAL ACCOUNTING STANDARD IAS 41

        1. Agriculture

          1. INTRODUCTION

            1. 1. IAS 41 prescribes the accounting treatment, financial statement presentation, and...

            2. 2. IAS 41 prescribes, among other things, the accounting treatment for...

            3. 3. There is a presumption that fair value can be measured...

            4. 4. IAS 41 requires that a change in fair value less...

            5. 5. IAS 41 does not establish any new principles for land...

            6. 6. IAS 41 requires that an unconditional government grant related to...

            7. 7. IAS 41 is effective for annual financial statements covering periods...

            8. 8. IAS 41 does not establish any specific transitional provisions. The...

            9. 9. Appendix A provides illustrative examples of the application of IAS 41....

          2. CONTENTS

          3. OBJECTIVE

          4. SCOPE

            1. 1. This Standard should be applied to account for the following...

            2. 2. This Standard does not apply to:

            3. 3. This Standard is applied to agricultural produce, which is the...

            4. 4. The table below provides examples of biological assets, agricultural produce,...

          5. DEFINITIONS

            1. Agriculture-related definitions

              1. 5. The following terms are used in this Standard with the...

              2. 6. Agricultural activity covers a diverse range of activities; for example,...

              3. 7. Biological transformation results in the following types of outcomes:

            2. General definitions

              1. 8. The following terms are used in this Standard with the...

              2. 9. The fair value of an asset is based on its...

          6. RECOGNITION AND MEASUREMENT

            1. 10. An enterprise should recognise a biological asset or agricultural produce...

            2. 11. In agricultural activity, control may be evidenced by, for example,...

            3. 12. A biological asset should be measured on initial recognition and...

            4. 13. Agricultural produce harvested from an enterprise's biological assets should be...

            5. 14. Point-of-sale costs include commissions to brokers and dealers, levies by...

            6. 15. The determination of fair value for a biological asset or...

            7. 16. Enterprises often enter into contracts to sell their biological assets...

            8. 17. If an active market exists for a biological asset or...

            9. 18. If an active market does not exist, an enterprise uses...

            10. 19. In some cases, the information sources listed in paragraph 18 may...

            11. 20. In some circumstances, market-determined prices or values may not be...

            12. 21. The objective of a calculation of the present value of...

            13. 22. An enterprise does not include any cash flows for financing...

            14. 23. In agreeing an arm's length transaction price, knowledgeable, willing buyers...

            15. 24. Cost may sometimes approximate fair value, particularly when:

            16. 25. Biological assets are often physically attached to land (for example,...

            17. Gains and losses

              1. 26. A gain or loss arising on initial recognition of a...

              2. 27. A loss may arise on initial recognition of a biological...

              3. 28. A gain or loss arising on initial recognition of agricultural...

              4. 29. A gain or loss may arise on initial recognition of...

            18. Inability to measure fair value reliably

              1. 30. There is a presumption that fair value can be measured...

              2. 31. The presumption in paragraph 30 can be rebutted only on...

              3. 32. In all cases, an enterprise measures agricultural produce at the...

              4. 33. In determining cost, accumulated depreciation and accumulated impairment losses, an...

          7. GOVERNMENT GRANTS

            1. 34. An unconditional government grant related to a biological asset measured...

            2. 35. If a government grant related to a biological asset measured...

            3. 36. Terms and conditions of government grants vary. For example, a...

            4. 37. If a government grant relates to a biological asset measured...

            5. 38. This Standard requires a different treatment from IAS 20, if a...

          8. PRESENTATION AND DISCLOSURE

            1. Presentation

              1. 39. An enterprise should present the carrying amount of its biological...

            2. Disclosure

              1. General

                1. 40. An enterprise should disclose the aggregate gain or loss arising...

                2. 41. An enterprise should provide a description of each group of...

                3. 42. The disclosure required by paragraph 41 may take the form of...

                4. 43. An enterprise is encouraged to provide a quantified description of...

                5. 44. Consumable biological assets are those that are to be harvested...

                6. 45. Biological assets may be classified either as mature biological assets...

                7. 46. If not disclosed elsewhere in information published with the financial...

                8. 47. An enterprise should disclose the methods and significant assumptions applied...

                9. 48. An enterprise should disclose the fair value less estimated point-of-sale...

                10. 49. An enterprise should disclose:

                11. 50. An enterprise should present a reconciliation of changes in the...

                12. 51. The fair value less estimated point-of-sale costs of a biological...

                13. 52. Biological transformation results in a number of types of physical...

                14. 53. Agricultural activity is often exposed to climatic, disease, and other...

              2. Additional disclosures for biological assets where fair value cannot be...

                1. 54. If an enterprise measures biological assets at their cost less...

                2. 55. If, during the current period, an enterprise measures biological assets...

                3. 56. If the fair value of biological assets previously measured at...

              3. Government grants

                1. 57. An enterprise should disclose the following related to agricultural activity...

          9. EFFECTIVE DATE AND TRANSITION

            1. 58. This International Accounting Standard becomes operative for annual financial statements...

            2. 59. This Standard does not establish any specific transitional provisions. The...

      65. INTERNATIONAL FINANCIAL REPORTING STANDARD 2 Share-based Payment

        1. OBJECTIVE

        2. SCOPE

        3. RECOGNITION

        4. EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTIONS

          1. Overview

          2. Transactions in which services are received

          3. Transactions measured by reference to the fair value of the...

            1. Determining the fair value of equity instruments granted

            2. Treatment of vesting conditions

            3. Treatment of a reload feature

            4. After vesting date

            5. If the fair value of the equity instruments cannot be...

          4. Modifications to the terms and conditions on which equity instruments...

        5. CASH-SETTLED SHARE-BASED PAYMENT TRANSACTIONS

        6. SHARE-BASED PAYMENT TRANSACTIONS WITH CASH ALTERNATIVES

          1. Share-based payment transactions in which the terms of the arrangement...

          2. Share-based payment transactions in which the terms of the arrangement...

        7. DISCLOSURES

        8. TRANSITIONAL PROVISIONS

        9. EFFECTIVE DATE

        10. APPENDIX A Defined terms

        11. APPENDIX B Application Guidance

          2. Estimating the fair value of equity instruments granted

            1. Shares

            2. Share options

            3. Inputs to option pricing models

            4. Expected early exercise

            5. Expected volatility

              1. Newly listed entities

              2. Unlisted entities

            6. Expected dividends

            7. Risk-free interest rate

            8. Capital structure effects

          3. Modifications to equity-settled share-based payment arrangements

        12. APPENDIX C Amendments to other IFRSs

      66. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-1

        1. Consistency — different cost formulas for inventories

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

          2. Consensus

            1. 3. An enterprise should use the same cost formula for all...

      67. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-2

        1. Consistency — capitalisation of borrowing costs

          1. Issue

            1. 1. IAS 23.07 and 23.11 allow the choice of either:

            2. 2. . . . . . . . . . ....

          2. Consensus

            1. 3. Where an enterprise adopts the allowed alternative treatment, that treatment...

      68. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-3

        1. Elimination of unrealised profits and losses on transactions with associates...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

          2. Consensus

            1. 3. . . . . . . . . . ....

            2. 4. Unrealised losses should not be eliminated to the extent that...

      69. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-6

        1. Costs of modifying existing software

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. The issues are:

            3. 3. . . . . . . . . . ....

          2. Consensus

            1. 4. . . . . . . . . . ....

          3. Disclosure

            1. 5. A need for major software modifications may give rise to...

      70. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-7

        1. Introduction of the euro

          1. Issue

            1. 1. From 1 January 1999, the effective start of economic and monetary...

            2. 2. The issue is the application of IAS 21 to the changeover...

          2. Consensus

            1. 3. The requirements of IAS 21 regarding the translation of foreign...

            2. 4. This means that, in particular:

      71. IFRS 1 — First-time adoption of International Financial Reporting Standard...

        1. INTRODUCTION

          1. Reasons for issuing the IFRS

            1. IN1. The IFRS replaces SIC-8 First-time Application of IASs as the...

          2. Main features of the IFRS

            1. IN2. The IFRS applies when an entity adopts IFRSs for the...

            2. IN3. In general, the IFRS requires an entity to comply with...

            3. IN4. The IFRS grants limited exemptions from these requirements in specified...

            4. IN5. The IFRS requires disclosures that explain how the transition from...

            5. IN6. An entity is required to apply the IFRS if its...

          3. Changes from previous requirements

            1. IN7. Like SIC-8, the IFRS requires retrospective application in most areas....

        2. INTERNATIONAL FINANCIAL REPORTING STANDARD 1

          1. First-time adoption of International Financial Reporting Standards

            1. OBJECTIVE

              1. 1. The objective of this IFRS is to ensure that an...

            2. SCOPE

              1. 2. An entity shall apply this IFRS in:

              2. 3. An entity's first IFRS financial statements are the first annual...

              3. 4. This IFRS applies when an entity first adopts IFRSs. It...

              4. 5. This IFRS does not apply to changes in accounting policies...

            3. RECOGNITION AND MEASUREMENT

              1. Opening IFRS balance sheet

                1. 6. An entity shall prepare an opening IFRS balance sheet at...

              2. Accounting policies

                1. 7. An entity shall use the same accounting policies in its...

                2. 8. An entity shall not apply different versions of IFRSs that...

                  1. Example: Consistent application of latest version of IFRSs

                    1. BACKGROUND

                    2. APPLICATION OF REQUIREMENTS

                3. 9. The transitional provisions in other IFRSs apply to changes in...

                4. 10. Except as described in paragraphs 13 to 34, an entity...

                5. 11. The accounting policies that an entity uses in its opening...

                6. 12. This IFRS establishes two categories of exceptions to the principle...

              3. Exemptions from other IFRSs

                1. 13. An entity may elect to use one or more of...

                2. 14. Some exemptions below refer to fair value. IAS 22 Business...

              4. Business combinations

                1. 15. An entity shall apply the requirements in Appendix B to...

              5. Fair value or revaluation as deemed cost

                1. 16. An entity may elect to measure an item of property,...

                2. 17. A first-time adopter may elect to use a previous GAAP...

                3. 18. The elections in paragraphs 16 and 17 are also available...

                4. 19. A first-time adopter may have established a deemed cost under...

              6. Employee benefits

                1. 20. Under IAS 19 Employee Benefits, an entity may elect to...

              7. Cumulative translation differences

                1. 21. IAS 21 The Effects of Changes in Foreign Exchange Rates...

                2. 22. However, a first-time adopter need not comply with these requirements...

              8. Compound financial instruments

                1. 23. IAS 32 Financial Instruments: Disclosure and Presentation requires an entity...

              9. Assets and liabilities of subsidiaries, associates and joint ventures

                1. 24. If a subsidiary becomes a first-time adopter later than its...

                2. 25. However, if an entity becomes a first-time adopter later than...

              10. Exceptions to retrospective application of other IFRSs

                1. 26. This IFRS prohibits retrospective application of some aspects of other...

              11. Derecognition of financial assets and financial liabilities

                1. 27. A first-time adopter shall apply the derecognition requirements in IAS...

              12. Hedge accounting

                1. 28. As required by IAS 39 Financial Instruments: Recognition and Measurement,...

                2. 29. An entity shall not reflect in its opening IFRS balance...

                3. 30. An entity shall apply the transitional provisions of IAS 39...

              13. Estimates

                1. 31. An entity's estimates under IFRSs at the date of transition...

                2. 32. An entity may receive information after the date of transition...

                3. 33. An entity may need to make estimates under IFRSs at...

                4. 34. Paragraphs 31 to 33 apply to the opening IFRS balance...

            4. PRESENTATION AND DISCLOSURE

              1. 35. This IFRS does not provide exemptions from the presentation and...

              2. Comparative information

                1. 36. To comply with IAS 1 Presentation of Financial Statements, an...

                2. 37. Some entities present historical summaries of selected data for periods...

              3. Explanation of transition to IFRSs

                1. 38. An entity shall explain how the transition from previous GAAP...

              4. Reconciliations

                1. 39. To comply with paragraph 38, an entity's first IFRS financial...

                2. 40. The reconciliations required by paragraph 39(a) and (b) shall give...

                3. 41. If an entity becomes aware of errors made under previous...

                4. 42. IAS 8 Net Profit or Loss for the Period, Fundamental...

                5. 43. If an entity did not present financial statements for previous...

              5. Use of fair value as deemed cost

                1. 44. If an entity uses fair value in its opening IFRS...

              6. Interim financial reports

                1. 45. To comply with paragraph 38, if an entity presents an...

                2. 46. IAS 34 requires minimum disclosures, which are based on the...

            5. EFFECTIVE DATE

              1. 47. An entity shall apply this IFRS if its first IFRS...

      72. Appendix A Defined terms

      73. Appendix B Business combinations

        1. B1. A first-time adopter may elect not to apply IAS 22...

        2. B2. If a first-time adopter does not apply IAS 22 retrospectively...

        3. B3. The exemption for past business combinations also applies to past...

        4. B4. Furthermore, the date selected for paragraph B1 applies equally for...

      74. Appendix C Amendments to other IFRSs

        1. C1 This IFRS supersedes SIC-8 First-time Application of IASs as the...

        2. C2 This IFRS amends paragraph 172(h) of IAS 39 Financial Instruments:...

      75. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-9

        1. Business combinations — classification either as acquisitions or unitings of...

          1. ISSUE

            1. 1. . . . . . . . . . ....

            2. 2. The issues are:

            3. 3. . . . . . . . . . ....

          2. Consensus

            1. 4. . . . . . . . . . ....

            2. 5. . . . . . . . . . ....

            3. 6. . . . . . . . . . ....

            4. 7. All business combinations under IAS 22 are either an ‘acquisition’ or...

      76. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-10

        1. Government assistance — no specific relation to operating activities

          1. Issue

            1. 1. In some countries government assistance to enterprises may be aimed...

            2. 2. The issue is whether such government assistance is a ‘government...

          2. Consensus

            1. 3. Government assistance to enterprises meets the definition of government grants...

      77. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-11

        1. Foreign exchange — capitalisation of losses resulting from severe currency...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. The issues are:

          2. Consensus

            1. 3. . . . . . . . . . ....

            2. 4. . . . . . . . . . ....

            3. 5. . . . . . . . . . ....

            4. 6. ‘Recent’ acquisitions of assets are acquisitions within 12 months prior to...

      78. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-12

        1. Consolidation — special purpose entities

          1. Issue

            1. 1. An entity may be created to accomplish a narrow and...

            2. 2. The sponsor (or enterprise on whose behalf the SPE was...

            3. 3. A beneficial interest in an SPE may, for example, take...

            4. 4. IAS 27 requires the consolidation of entities that are controlled...

            5. 5. The issue is under what circumstances an enterprise should consolidate...

            6. 6. This interpretation does not apply to post-employment benefit plans or...

            7. 7. A transfer of assets from an enterprise to an SPE...

          2. Consensus

            1. 8. An SPE should be consolidated when the substance of the...

            2. 9. In the context of an SPE, control may arise through...

            3. 10. In addition to the situations described in IAS 27.12, the following...

            4. 11. Predetermination of the ongoing activities of an SPE by an...

      79. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-13

        1. Jointly controlled entities — non-monetary contributions by venturers

          1. Issue

            1. 1. IAS 31.39 (revised 1998) refers to both contributions and sales...

            2. 2. Contributions to a JCE are transfers of assets by venturers...

            3. 3. The issues are:

            4. 4. This interpretation deals with the venturer's accounting for non-monetary contributions...

          2. Consensus

            1. 5. In applying IAS 31.39 to non-monetary contributions to a JCE...

            2. 6. If, in addition to receiving an equity interest in the...

            3. 7. Unrealised gains or losses on non-monetary assets contributed to JCEs...

      80. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-14

        1. Property, plant and equipment — compensation for the impairment or...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. Examples of such cases may include:

            3. 3. The issue is how an enterprise should account for:

          2. Consensus

            1. 4. Impairments or losses of items of property, plant and equipment,...

          3. Disclosure

            1. 5. Monetary or non-monetary compensation recognised for the impairment or loss...

      81. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-15

        1. Operating leases — incentives

          1. Issue

            1. 1. In negotiating a new or renewed operating lease, the lessor...

            2. 2. The issue is how incentives in an operating lease should...

          2. Consensus

            1. 3. All incentives for the agreement of a new or renewed...

            2. 4. The lessor should recognise the aggregate cost of incentives as...

            3. 5. The lessee should recognise the aggregate benefit of incentives as...

            4. 6. Costs incurred by the lessee, including costs in connection with...

      82. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-18

        1. Consistency — alternative methods

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

          2. Consensus

            1. 3. . . . . . . . . . ....

            2. 4. Once the appropriate initial policy has been selected under the...

      83. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-19

        1. Reporting currency — measurement and presentation of financial statements under...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. The issues are:

            4. 4. . . . . . . . . . ....

          2. Consensus

            1. 5. . . . . . . . . . ....

            2. 6. . . . . . . . . . ....

            3. 7. If the measurement currency, determined in accordance with paragraph 5 of...

            4. 8. . . . . . . . . . ....

            5. 9. . . . . . . . . . ....

          3. Disclosure

            1. 10. The following should be disclosed:

      84. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-20

        1. Equity accounting method — recognition of losses

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. In applying the equity method, the issues are:

            4. 4. . . . . . . . . . ....

          2. Consensus

            1. 5. . . . . . . . . . ....

            2. 6. . . . . . . . . . ....

            3. 7. . . . . . . . . . ....

            4. 8. . . . . . . . . . ....

            5. 9. . . . . . . . . . ....

          3. Disclosure

            1. 10. If an investor discontinues recognition of its share of losses...

      85. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-21

        1. Income taxes — recovery of revalued non-depreciable assets

          1. Issue

            1. 1. Under IAS 12.51, the measurement of deferred tax liabilities and...

            2. 2. IAS 12.20 notes that the revaluation of an asset does...

            3. 3. The issue is how to interpret the term ‘recovery’ in...

            4. 4. This interpretation also applies to investment properties which are carried...

          2. Consensus

            1. 5. The deferred tax liability or asset that arises from the...

      86. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-22

        1. Business combinations — subsequent adjustment of fair values and goodwill...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. IAS 22.71 (revised 1998) indicates that in accounting for a...

            3. 3. The issues are, in making adjustments in the limited circumstances...

            4. 4. This interpretation does not apply to the following items as...

          2. Consensus

            1. 5. . . . . . . . . . ....

            2. 6. . . . . . . . . . ....

            3. 7. . . . . . . . . . ....

          3. Disclosure

            1. 8. Adjustments to the carrying amounts of identifiable assets or liabilities...

      87. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-23

        1. Property, plant and equipment — major inspection or overhaul costs...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. . . . . . . . . . ....

            4. 4. . . . . . . . . . ....

          2. Consensus

            1. 5. The cost of a major inspection or overhaul of an...

      88. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-24

        1. Earnings per share — financial instruments and other contracts that...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. . . . . . . . . . ....

          2. Consensus

            1. 4. All financial instruments or other contracts that may result in...

      89. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-25

        1. Income taxes — changes in the tax status of an...

          1. Issue

            1. 1. A change in the tax status of an enterprise or...

            2. 2. A change in the tax status of an enterprise or...

            3. 3. The issue is how an enterprise should account for the...

          2. Consensus

            1. 4. A change in the tax status of an enterprise or...

      90. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-27

        1. Evaluating the substance of transactions involving the legal form of...

          1. Issue

            1. 1. An enterprise may enter into a transaction or a series...

            2. 2. When an arrangement with an investor involves the legal form...

          2. Consensus

            1. 3. A series of transactions that involve the legal form of...

            2. 4. The accounting should reflect the substance of the arrangement. All...

            3. 5. IAS 17 applies when the substance of an arrangement includes...

            4. 6. The definitions and guidance in paragraphs 49 to 64 of the framework...

            5. 7. Other obligations of an arrangement, including any guarantees provided and...

            6. 8. The criteria in paragraph 20 of IAS 18 should be applied...

            7. 9. The fee should be presented in the income statement based...

          3. Disclosure

            1. 10. All aspects of an arrangement that does not, in substance,...

            2. 11. The disclosures required in accordance with paragraph 10 of this interpretation...

      91. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-28

        1. Business combinations — ‘date of exchange’ and fair value of...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. The issues are:

            4. 4. . . . . . . . . . ....

          2. Consensus

            1. 5. . . . . . . . . . ....

            2. 6. . . . . . . . . . ....

          3. Disclosure

            1. 7. When a published price of an equity instrument issued as...

            2. 8. When an equity instrument issued as purchase consideration does not...

      92. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-29

        1. Disclosure — service concession arrangements

          1. Issue

            1. 1. An enterprise (the concession operator) may enter into an arrangement...

            2. 2. A service concession arrangement generally involves the concession provider conveying...

            3. 3. The common characteristic of all service concession arrangements is that...

            4. 4. The issue is what information should be disclosed in the...

            5. 5. Certain aspects and disclosures relating to some service concession arrangements...

          2. Consensus

            1. 6. All aspects of a service concession arrangement should be considered...

            2. 7. The disclosures required in accordance with paragraph 6 of this interpretation...

      93. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-30

        1. Reporting currency — translation from measurement currency to presentation currency...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. . . . . . . . . . ....

            3. 3. . . . . . . . . . ....

            4. 4. The issues are:

            5. 5. . . . . . . . . . ....

          2. Consensus

            1. 6. When financial statements are presented in a currency other than...

            2. 7. When financial statements are presented in a currency other than...

          3. Disclosure

            1. 8. . . . . . . . . . ....

            2. 9. . . . . . . . . . ....

            3. 10. When additional information not required by International Accounting Standards is...

      94. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-31

        1. Revenue — barter transactions involving advertising services

          1. Issue

            1. 1. An enterprise (seller) may enter into a barter transaction to...

            2. 2. In some cases, no cash or other consideration is exchanged...

            3. 3. A seller that provides advertising services in the course of...

            4. 4. The issue is under what circumstances can a seller reliably...

          2. Consensus

            1. 5. Revenue from a barter transaction involving advertising cannot be measured...

      95. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-32

        1. Intangible assets — web site costs

          1. Issue

            1. 1. An enterprise may incur internal expenditure on the development and...

            2. 2. The stages of a web site's development can be described...

            3. 3. Once development of a web site has been completed, the...

            4. 4. When accounting for internal expenditure on the development and operation...

            5. 5. This interpretation does not apply to expenditure on purchasing, developing,...

            6. 6. IAS 38 does not apply to intangible assets held by...

          2. Consensus

            1. 7. An enterprise's own web site that arises from development and...

            2. 8. A web site arising from development should be recognised as...

            3. 9. Any internal expenditure on the development and operation of an...

            4. 10. A web site that is recognised as an intangible asset...

      96. STANDING INTERPRETATIONS COMMITTEE INTERPRETATION SIC-33

        1. Consolidation and equity method — potential voting rights and allocation...

          1. Issue

            1. 1. . . . . . . . . . ....

            2. 2. The issues are:

          2. Consensus

            1. 3. . . . . . . . . . ....

            2. 4. . . . . . . . . . ....

            3. 5. . . . . . . . . . ....

            4. 6. When applying the consolidation and the equity method of accounting,...

      97. IFRIC INTERPRETATION 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities

        1. REFERENCES

        2. BACKGROUND

        3. SCOPE

        4. ISSUE

        5. CONSENSUS

        6. EFFECTIVE DATE

        7. TRANSITION

      98. APPENDIX Amendments to IFRS 1 First-time Adoption of International Financial Reporting...

        2. Changes in existing decommissioning, restoration and similar liabilities included in...

      99. IFRIC INTERPRETATION 2 Members’ Shares in Cooperative Entities and Similar Instruments

        1. References

        2. Background

          1. 1 Cooperatives and other similar entities are formed by groups of...

          2. 2 IAS 32 establishes principles for the classification of financial instruments...

        3. Scope

          1. 3 This Interpretation applies to financial instruments within the scope of...

        4. Issue

          1. 4 Many financial instruments, including members’ shares, have characteristics of equity,...

        5. Consensus

          1. 5 The contractual right of the holder of a financial instrument...

          2. 6 Members’ shares that would be classified as equity if the...

          3. 7 Members’ shares are equity if the entity has an unconditional...

          4. 8 Local law, regulation or the entity’s governing charter can impose...

          5. 9 An unconditional prohibition may be absolute, in that all redemptions...

          6. 10 At initial recognition, the entity shall measure its financial liability...

          7. 11 As required by paragraph 35 of IAS 32, distributions to...

          8. 12 The Appendix, which is an integral part of the consensus,...

        6. Disclosure

          1. 13 When a change in the redemption prohibition leads to a...

        7. Effective date

          1. 14 The effective date and transition requirements of this Interpretation are...

        8. APPENDIX

          1. EXAMPLES OF APPLICATION OF THE CONSENSUS

            1. This appendix is an integral part of the Interpretation.

              1. A1 This appendix sets out seven examples of the application of...

            2. UNCONDITIONAL RIGHT TO REFUSE REDEMPTION (paragraph 7)

              1. Example 1

                1. Facts

                  1. A2 The entity’s charter states that redemptions are made at the...

                2. Classification

                  1. A3 The entity has the unconditional right to refuse redemption and...

              2. Example 2

                1. Facts

                  1. A4 The entity’s charter states that redemptions are made at the...

                2. Classification

                  1. A5 The entity does not have the unconditional right to refuse...

            3. PROHIBITIONS AGAINST REDEMPTION (paragraphs 8 and 9)

              1. Example 3

                1. Facts

                  1. A6 A cooperative entity has issued shares to its members at...

                  2. A7 The entity’s charter states that cumulative redemptions cannot exceed 20...

                2. Classification

                  1. Before the governing charter is amended

                    1. A8 Members’ shares in excess of the prohibition against redemption are...

                    2. A9 On 1 January 20x1 the maximum amount payable under the...

                  2. After the governing charter is amended

                    1. A10 Following the change in its governing charter the cooperative entity...

              2. Example 4

                1. Facts

                  1. A11 Local law governing the operations of cooperatives, or the terms...

                2. Classification

                  1. A12 In this case, CU  750 000 would be classified as...

                  2. A13 The redemption prohibition described in this example is different from...

              3. Example 5

                1. Facts

                  1. A14 The facts of this example are as stated in example...

                2. Classification

                  1. A15 As in example 4, the entity classifies CU  750 000...

              4. Example 6

                1. Facts

                  1. A16 The entity’s governing charter prohibits it from redeeming members’ shares,...

                2. Classification

                  1. A17 The entity classifies CU  12 000 of the members’ shares...

              5. Example 7

                1. Facts

                  1. A18 The entity is a cooperative bank. Local law governing the...

                2. Classification

                  1. A19 In this example members’ shares are classified as financial liabilities....

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